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Taking pension but continuing to work

Discussion in 'Personal' started by jenhet, Dec 15, 2018.

  1. jenhet

    jenhet New commenter

    I'd like to take my pension slightly early (59) and carry on working but my HT tells me that I need to wait for a governor meeting for permission. Does anyone know whether this is correct? The Chair of Gov has already told me that this isn't the case and is just an arrangement between HT and me. HT says Chair of Gov is elderly and gets confused!

    As I don't intend to set up new pension, the school will be better off.

    Any info would be much appreciated!
     
  2. InkyP

    InkyP Star commenter

    I'm pretty sure you don't need permission and just have to leave a minimum of one day between retiring and starting work again. If you start earning more than your pension I think the pension is reduced.

    Someone more knowledgeable than me will probably come along soon.

    Edit : just realised you are going back to the same school which might change things.
     
    jenhet likes this.
  3. Ivartheboneless

    Ivartheboneless Star commenter

    Try the "retirement" section in "role" of the forums. You may be able to take "phased" retirement.
     
    jenhet likes this.
  4. Dunteachin

    Dunteachin Star commenter

    As always, ring TP and get advice from the experts!
     
    jenhet and Dragonlady30 like this.
  5. FrankWolley

    FrankWolley Star commenter

    Taking a pension comes when you leave work...If you take your pension early you can go ahead and earn as much as you like without it affecting your pension. But a break in service is required (1 day or more), so your HT needs to agree. You can't just take your pension early and continue in your job.
     
    jenhet and border_walker like this.
  6. Dunteachin

    Dunteachin Star commenter

    I think, but I'm not sure, that the job has to be different in some way. Again, TP will advise.
     
    jenhet likes this.
  7. magic surf bus

    magic surf bus Star commenter

    As I understand it, if you work to full retirement age then take the pension you can end up seeing your pension reduced if you earn a certain amount afterwards. To sidestep this rule you technically take early retirement by going a short while before the full retirement age, take a short break, then return to work with no reductions. Anyone who retires early can earn whatever they like without seeing any loss of pension benefits, other than the actuarial reduction that occurs at the point of leaving. Contact TPA for proper confirmation of all this - us pensioners can get a bit vague. :)
     
    jenhet likes this.
  8. skellig1182

    skellig1182 Senior commenter

    Perhaps if you worked part time it might be better? My mum was saying your entire income including pension is taxed so the more you earn the more tax and NI you will pay overall.xx
     
    jenhet likes this.
  9. jenhet

    jenhet New commenter

    Thanks! I work 0.5 at the moment and would like to continue to do so.
     
  10. jenhet

    jenhet New commenter

    Thanks. I can't see any reason why the Gov Body has to be involved - and Chair of Gov agrees!
     
  11. Sundaytrekker

    Sundaytrekker Star commenter

    You still get your personal allowance but, yes, if your income goes up you’ll pay more tax.

    You can’t just have a break and carry on in the same job (some will argue that this is possible and they have done it). If you are changing role eg stepping down from a TLR to a teacher without one, then it’s possible. It’s likely your CoG might not know the rules. Neither might your head if they haven’t been asked this before.
     
  12. jenhet

    jenhet New commenter

    Will do when they're open. Thanks!
     
  13. jenhet

    jenhet New commenter

    Thanks. I'd never noticed that a retirement forum existed.
     
  14. blazer

    blazer Star commenter

    Pension reduction only happens if you retire on the date. Retire early and this does not apply. Through your union you can get excellent pension advice. NASUWT is Wesleyan and NUT is Aviva. I used the former and it was excellent.
     
  15. jubilee

    jubilee Star commenter

    Your pension will NOT be reduced if you claim it early (actuarial reduction when awarded) and then carry on working.
    There is no pension clawback with an actuarially reduced pension. Only those who claim the pension at the full pension age, and then carry on working, risk having pension reduced if they earn too much from work.
    The trick is to set things up to trigger the pension just a few days or weeks before age 60 (old TPS pension age). The lump sum and monthly pension will then be only slightly lower than what they would be at age 60 and you are not penalised for earning too much when you carry on teaching.
    Pension clawback only affects those who waited until their pension age to claim the pension and then stayed in STANDARD TEACHING. aGENCY TEACHING WOULD NOT TRIGGER A CLAWBACK FOR ANYONE AND NEITHER WOULD taking work in another type of employment.

    I always understood that it was just the Head's agreement thta was required. Most people would schedule the early pension to start just before the end of a holiday period, having the between contracts employment gap before returning to work. No-one but the teacher, the Head and some admin people should need to know.
    I suggest contacting your Union and the TPS for guidance.
     
  16. peakster

    peakster Star commenter

    Why would you want to do that anyway ?
     
  17. FrankWolley

    FrankWolley Star commenter

    It's possible the HT has been told not to appoint any new staff without the CofG's permission (due to the financial situation of the school, possibly), and you have to resign to take your pension...so being reappointed will be, in effect, a new appointment.

    NB I'd ask him/her!
     

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