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Teacher Pension

Discussion in 'Personal' started by Sally006, Aug 13, 2020.

  1. Sally006

    Sally006 Lead commenter

    I’m considering taking retirement at 55 but clearly it depends on finances. Do any posters on here have a recommendation as to who to go to to get sound financial advice?

    I fully accept I’ll take a big financial hit but I’ve reached a point where health and well-being need to take the priority really. I’m fortunate that I’m not single and husband’s job should enable me to do this. However, I am conscious my son will need support through higher ed and so all such things must be considered.

    if anyone has taken early retirement please let me know how it worked out for you.
  2. Ivartheboneless

    Ivartheboneless Star commenter

    Your union.
  3. Morninglover

    Morninglover Star commenter

    Can I suggest you ask this on the 'Retirement' forum?
    emerald52 and oldsomeman like this.
  4. TCSC47

    TCSC47 Star commenter

  5. oldsomeman

    oldsomeman Star commenter

    From experience it was fine, You got reduced payments but if it's enough you might consider it.
    Do get the advice you seek and do ask the TP for a projection of what payments you can receive.
  6. chelsea2

    chelsea2 Star commenter

    Retiring at 56 was one of the best decisions I've ever made.
    You know when you've had enough, and that becomes the driver.
  7. Dunteachin

    Dunteachin Star commenter

    I did it at 55, then did bits of supply for the next 5 years. No regrets.

    The Retirement forum is the place to go.
    Lots of advice over there.
  8. blazer

    blazer Star commenter

    The Wesleyan. They have links through the NASUWT but any teacher can get free advice from them, no strings attached. When I was looking at retirement they were brilliant.
    nomad likes this.
  9. Sally006

    Sally006 Lead commenter

    Fair point. I hadn’t realised there was one.
  10. Sally006

    Sally006 Lead commenter

    Just who I was thinking of approaching. Thanks
  11. peakster

    peakster Star commenter

    I just checked my current pension a few weeks ago - I'm hoping to do two more years and then I'll do some tutoring and whatever else I fancy. I'm hoping to get some work as a 1:1 tutor at my current school for one thing.
    Lalad likes this.
  12. sparklepig2002

    sparklepig2002 Star commenter

    My union, ATL that was, hosted a very informative retirement fact finding day. See if your union offers some thing similar. There was a very useful question and answer session.
    Lalad and Sally006 like this.
  13. Lalad

    Lalad Star commenter

    Before doing anything else, I recommend that you log in to your Teachers' Pension (TP) account and check your employment history and associated details very carefully. I have been doing this regularly for the past couple of years after finding gaps in my service history, and am constantly finding errors: when I checked last week, I found that the whole of the month of June was missing and listed as a 'Break in Service' - I wish!

    If you find errors, you need to check with your school/LEA payroll officer first, as it's often their mistake, so they have to submit corrected figures to TP before you can check your TP account again to make sure it's right.
  14. 60sunnysmile

    60sunnysmile New commenter

    I agree with lalad. I also check regularly and recently there have been errors which I’m still trying to correct. Another place to check is your NI contribution as I have found errors on there too.
    Lalad likes this.
  15. Sally006

    Sally006 Lead commenter

    Sound advice. I certainly do as when we were TUPEE’d over to academy status some staff found 3 years worth we’re missing from the point of the transfer!! I checked then and all was in order, thankfully, but vowed never to complacent about it. Theirs did get sorted but my advice to anyone changing fro LA to Academy to be vigilant.
    Lalad likes this.
  16. Sally006

    Sally006 Lead commenter

    This is indeed something I need to consider. I don’t think I would have a problem finding PE Apple needing 1-1 and every bit will help.
  17. LondonCanary

    LondonCanary Star commenter

    Advise him to get a job to help with that.
  18. blazer

    blazer Star commenter

    I had a year missing from mine too and I had to chase the LEA to get it fixed. In the staffroom, when many of us checked there was a disproportionate number of errors for female staff. Mostly because of interrupted service or moving to part time and back to full time usually for family raising reasons. Probably 50% of those that checked found errors. Most they were able to correct but some, that went back many years could not be.
    Lalad likes this.
  19. Lalad

    Lalad Star commenter

    Interesting, as that was my situation too. Plus female, part-time and doing supply as well, so ample scope for errors!
  20. Lalad

    Lalad Star commenter

    Do you mean the NI contributions deducted by the school were wrong or your NI statement - or both?

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