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Taking Early Retirement

Discussion in 'Career clinic' started by SUPER.SUPPLY, Apr 20, 2019.


    SUPER.SUPPLY New commenter

    Dear All,

    I have had a condition since i was a young person which would blight most lives but i never let it. I went into teaching in my 30s. Was told at the time that i would not be able to do it because of my so called disability but i never allowed the powers that be to stop me. I have been teaching now for 18 years and am contemplating leaving. Im worn out with criticism, workload, bullying, nastiness to climb that slt ladder. I have come under the disability act since entering teaching and never once used it to get a job. Ive proved myself instead. Got on with the job because that is how i am. But now, can I take early retirement? I only have 10 years contributions to my pension as i worked full time for 8 years on supply. I want out of teaching in the classroom altogether and my life back.

    Thank you
  2. becky70

    becky70 Occasional commenter

    Have you tried posting this in the Retirement forum? There seems to be quite a few knowledgeable folk on there who should be able to help.
  3. Kateray1

    Kateray1 Occasional commenter

    Have you thought of private tutoring work?
  4. Sundaytrekker

    Sundaytrekker Star commenter

    What age are you? You could be late 50s. If you are 55+ then you can take your pension with a reduction but it will be a comparatively small pension on ten years contributions. If you are asking can you get something extra because of your disability then that would only be if you are medically unfit to teach and have the evidence for this.
  5. mothorchid

    mothorchid Star commenter

    I'm sorry you feel so down. I would think you could ring the pension people and ask how much you might get if you went now. It might be enough for you or it might need you to do a little extra - supply? Tesco's? tutoring? Airbnb?
    It's possile to go at any time, but you need to know the financial position in more detail.
    Good luck. Have a restful weekend.
  6. simonCOAL

    simonCOAL Occasional commenter

    TPS site has a forecast tool. It was pretty accurate when I used it to work out my early retirement plans.
  7. lindenlea

    lindenlea Star commenter

    @SUPER.SUPPLY You can take your pension when you are 55 if your school agrees. It is a reduced amount because you will be drawing it for longer ( I know, I know, but that's the way it is) .The TP website will clarify just how much you will get. if you want to consider going early with a disability pension that is different, hard to get, and might not be the way you want to go. Speak to your union about it - you would need their support in negotiating this.

    SUPER.SUPPLY New commenter

    im on a year maternity contract now so as from September i am not teaching. Although i will have a job outside of teaching. Thank you so much for your replies. im not 55 yet. So did years full time then 8 years supply then 4 years with contracts so altogether 12 years contributions. Thanks for your replies. i will head towards the retirement section. I've not quite got the contract for a different job but it will be a hell of a lot more money but just not paying into the ups.
    Sorry TPS
  9. caterpillartobutterfly

    caterpillartobutterfly Star commenter

    I'm not sure you need to 'retire' at all.
    You can just leave your pension where it is, doing what it does, until you reach a time when you actually retire from working.
    Then you take your pension from the TPS and whatever pension you have from other workplaces and have several different pension companies paying you.
    SUPER.SUPPLY and mothorchid like this.

    SUPER.SUPPLY New commenter

    oh thank you caterpillar, i have looked at my pension from when i have done supply teaching and they have actually calculated a year when i was not paying into Tps but doing full time. The world of teaching will be a very different one for me if i take on this role then i will have to take out a private pension to invest in. However it feels very weird. is it worth paying the amount that i should have been paying in as full time into tps or not? i think not at the current rate of nonsense.

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