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Discussion in 'Retirement' started by friarsroad@hotm, May 7, 2012.
When you retire TPS will give you a 'Salary of Reference', which is normally the full time rate of pay for your post, when you retire. If your pension plus supply work goes over this limit in any tax year your pension stops being paid untill the next tax year. The Salary of Reference increases each year with inflation.
Can i ask, is that what is stopping people from retiring - cost of living?
Not sure if this is the correct forum to ask that question as most folk
on here are or are about to retire
You need a lot less £££ when you are retired than when you are working.
I think the major consideration is your age - (when can you draw your pension?) - and how much pension you will get - ( years of reckonable service?) - as opposed to the cost of living.
When I retired on ARB 3 years ago, I believed it was not necessary to inform TP that I had started a new contract, after a break in service of 1 day, as my employer still took TP deduction, and therefore I don't believe it is necessary to inform TP.
I took early retirement last year but have been doing some supply this academic year. I've been offered and have accepted a part time job from September. My OH had heard about this reduction or stopping of pension when going back to work. I 'phoned TP yesterday to find out about this. I took the reduced pension and the enhanced lump sum-I can't remember waht the official title for this is. The lady at TP said that if I'd taken the full pension, I would/might be affected depending on my new salary, but as I'd taken the reduced pension, I wouldn't be affected at all.
I hope this all makes sense!
If you take ARB, you have been penalised by taking your pension early, so whatever employment you subsequently take will not affect your pension and you do not have to inform TP.
The OP is 64, so taking a full pension. He must inform TP and his pension is likely to be affected.
Congrats for sucessful completion of your job period. After getting retirement, while some people feel realxed, there are some other who get tensed about their income source. It becomes a matter of consideration for person who are still head of the family. In this case I will suggest you to join any Institute for teaching or you can also become Online teacher, in that you can deliver classes from your home only and it will be more comfortable for you.
Why not use your teaching skills to build a business helping people build theres? Perfect oportunity for teachers of any age