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That's it.....had enough.

Discussion in 'Retirement' started by semolina29, Jan 20, 2020.

  1. semolina29

    semolina29 New commenter

    cant stand it anymore. Working with difficult kids, getting targeted, bruised and battered every week Handing my notice in before half term .....let's see what append next. Unemployed for the first time in my life at 55 and a half....32 years of contributions. Go on...tell me what to do!
    littlestrebel likes this.
  2. littlejackhorner

    littlejackhorner Occasional commenter

    Log on to TPS and see how much you will get if you take your pension now. Work out your finances and see if you could survive on your pension. If not could you try and stay a little longer so you could clear some debts?
    If it's really that bad then you could probably get some supply work but how much and how much you will be paid will depend on your skills and where you live.
    I knew I wanted to leave early and had made a concerted effort to pay off the mortgage and build up some savings. That made it easier for me and gave me something to work towards. Ultimately I ended up having to leave early through ill health and managed to get ill health retirement a few months after I had left the job.
    Good luck to you. It sounds like you are working in a very stressful environment and ultimately your health is more important than a job.
    plot71 and makras like this.
  3. diddydave

    diddydave Established commenter

    My first suggestion is to have a look through my 'path' - this is where I've put together my thoughts on leaving and experiences thereafter: https://edividers.co.uk/contemplating-retirement-my-path-and-other-notes

    My second suggestion is to ask loads of questions, we are all (mostly ;) ) here to help - I think this is a particular trait of the teaching profession, even of those of us who have given up the day job.

    Everyone's circumstance are different but your pension is probably in a good state. Though I would really check the numbers to see if these last 7 months are worth contributing.

    In the immediate future, if you can afford it I'd suggest you consider putting ALL of this year's wages (minus the tax-free allowance of £12,500) before April into a private pension or the AVC and then the same for your wages from April-August. Come September you can then withdraw just over £16k tax-free.
    makras likes this.
  4. phatsals

    phatsals Senior commenter

    You can put your money into a SIPP without making any investments. You will get tax relief, min 20% basic rate tax payer, added to your fund and take it whenever, ie 25% tax free lump sum, drawdown the rest as and when. This is for the ultra risk averse. You can choose your own investments or none.
    makras likes this.
  5. Luvsskiing

    Luvsskiing Established commenter

    Your first job is to calculate your outgoings, all of them, so you know what you typically spend in a year.

    Start looking at where you can cut back, save, remove unnecessary expenses.

    Then you need to look at where are with savings, pensions etc, and especially if you take your pension early, to see whether you have enough. You will almost certainly think you need more than you do.

    Good advice above about putting salary minus tax allowance into a SIPP.

    You are getting old. You are now at an age where you could die tomorrow or your health could rapidly decline. No one has on their gravestone that they wished they'd worked longer in their old age. What do you want to do with your life?

    Search the backposts. Loads of advice.
    plot71, Shedman and makras like this.
  6. Dorsetdreams

    Dorsetdreams Occasional commenter

    So sorry to hear that - I hope you're not regretting not taking redundancy when it was on offer. But at least you've now reached 55 so you can access your pension. I would do that without hesitation, even as the sole bread-winner. You might well land another much nicer job later on anyway, and one of the advantages of taking early retirement is that you won't be penalised by so doing.
    semolina29 and makras like this.
  7. catmother

    catmother Star commenter

    Why see yourself as unemployed? See yourself as retired and retired from a job where you can take your pension from age 55. Think of people who only have the state pension and have no option to keep going to 67!
    bevdex, Jamvic, semolina29 and 2 others like this.
  8. diddydave

    diddydave Established commenter

    An excellent point by @catmother ...whilst many of us focused on the finances in our replies to you I'm sure you will find plenty of stories on here from those who have found life to be marvellous when it is no longer governed by "the bell"
    Jamvic, semolina29 and makras like this.
  9. makras

    makras Occasional commenter

    Sorry to hear about your situation but unfortunately it has become the norm in schools and management turn a blind eye instead of doing their jobs properly and caring about their staff' welfare.

    Keep your head up and plan. Don't rush things that you might later regret.

    If you can afford it just retire and do something else. I will.

    Good luck :)
    Jamvic and semolina29 like this.
  10. speaker2

    speaker2 Occasional commenter

    Choose the term that you want to be your last one. Give notice in accordingly. I appreciate the helpful comments on this forum about making numerous calculations to see how long you need to work , but your message is clearly showing that you have HAD ENOUGH. If you can tolerate working for more years in that school , good from a money point of view. You could maybe try and get a job in a different school before handing in resignation, but that possibility depends on where you are etc. With your years of TPA contributions, IMO it sounds like time to take early retirement very soon. Being out of teaching or school leadership roles seems healthy from mid- fifties onwards, depending on how long someone has been doing the daily grind and their personal health, both mentally and physically.
    semolina29 likes this.
  11. semolina29

    semolina29 New commenter

    Thanks for your comments....I'd love to think I can 'save all of my salary. That made me laugh as that's the money we live on! Sadly I'm not in that position and if I didn't actually need my salary I wouldn't be working!
    Yes indeed dorset dreams....I maybe should have taken redundancy but needed to try this first. Have couple of possible jobs within teaching in the pipeline...if not, could be something else. I get hit every day and have bruises weekly so it has to stop and it's no good blaming the one in charge ...it's me!
    On top of that I've gone part time and still work 45 hours plus for my 3 days.
    It's ridiculous and I have to get out before it takes me down.
  12. diddydave

    diddydave Established commenter

    The financial situation is so often a barrier, many of us are (or were for a long time) slaves to the wage but when it comes to planning an exit strategy getting a handle on how to make the most of what you've got, or will get is important.

    Whilst I appreciate you may not have the money to put away now, don't discount the possibility of doing so at some point, don't forget that when you take your teacher's pension you get a lump sum - thus replacing the money you'd put into the private pension...you could do it one day and take it out the next. Now I'd recommend running this kind of transaction planning past a professional adviser rather than relying on us amateurs as there are consequences to taking money out of private pensions. The key benefit of putting money into a private pension is that, when you remove it, you get 25% tax-free - so even if you are still paying tax at the same rate you are better off.

    For example, assuming you are a 20% tax rate payer, putting in £10,000 costs you £8,000 (because the tax authorities would otherwise take £2000) but when you take it out you get £2500 tax-free which means the tax authorities take 20% of £7,500 which is £1500. You are better off by £500.
  13. phatsals

    phatsals Senior commenter

    Is there any way you can limp along to the end of the summer term? Dare I say, even if you go off ill. Given the circumstances and the physical abuse you are getting it's a genuine reason.

    I'm only saying it as that would be another 7 months under the belt, around 21 weeks teaching but with 4 weeks off and 6 weeks paid at the end. Go off ill if you need to. By then you will 56, a couple of % less reduction in your pension, a few pounds more in the bank. I think the majority of your pension is Final Salary, at 56 it's slightly over 16% reduction Look at DD's calculators and check out your figures. All you're doing now is deciding when to leave, make it work for you.
    plot71 likes this.
  14. diddydave

    diddydave Established commenter

    I'd also recommend you look at your TPS benefit statement to see what salary is being used to work out your pension...if it is the method B and it is from 10 years ago then you may seriously want to check the numbers because you could be paying in for the remaining months for very little extra, if any, benefit. I have seen some where people are getting less! Your situation is one that I would consider more vulnerable than most financially as you are working part-time so any extra 'months' of service aren't actually full months yet your method B salary could be changing faster than the extra service is compensating for...(though some of this is subject to the changes that the tribunal has yet to decide upon)

    If indeed you would be getting less then opting out and putting those pension payments into a private pension instead may be a viable option.
  15. phatsals

    phatsals Senior commenter

    That only matters if the PT is from 10 years ago, not recently. If I remember rightly he was full time until the last few months.
  16. Luvsskiing

    Luvsskiing Established commenter

    It's certainly worth trying to use savings for a while if you can, before taking your pension. Also, do check your TP records, to make sure they are complete with no mistakes. It's easier to sort any problems out while employed!
  17. diddydave

    diddydave Established commenter

    I disagree, with qualification.

    If the rules stay the same as currently with a mixture of Final Salary and CARE then the PT is less of an issue because the 'years of service' is fixed to the point at which they moved to the CA scheme, though the decline in the method B salary still affects this portion, BUT given the firefighters interim decision to re-evaluate those who have recently left as though all of their service was back on the final salary scheme it is more likely to be an issue.

    It also only matters if the best salary is the method B from 10 years ago.

    If we go back to final salary and the method B is declining then part-time members may be adding less 'years' to their service than their method B is advancing. E.g. In a year from now a 0.5 PT contract adds only 1/2 a year to the calculation but their final salary will have moved a whole year forward.
  18. phatsals

    phatsals Senior commenter

    I don't really understand what you're saying. the 10 calendar years stay the same, if FT the best 3 in 10 is 3 full years from 10 years ago. If PT 10 years ago it could go over 6 years - as happened to me. The result of that is the average salary goes over 6 years, all the years of low inflation, none of the pay rises. I know from experience the impact of low inflation, my average salary started to drop long before anyone who was full time. Indeed, I posted quite prolifically at the time.
  19. eljefeb90

    eljefeb90 Senior commenter

    What you describe is totally, utterly unacceptable ! Too right you have to get out. Nobody can live in fresh air and taking reduced benefits seems like a big hit. However, the reduction is offset by the extra years of pension you will receive and You will be well into your seventies before you 'lose out'.
    It may seem extreme when you seem to have other job options lined up , but you can't live in fresh air in the meantime and having a decent pension means you can afford to pick and choose your hours.

    You will have a healthy pension and a lump sum to pay off debts/mortgage. At the very least , this will give you a chance to recuperate and re-assess your employment options.
    Taking your pension does not mean consigning yourself to unemployment and inactivity. It gave me the opportunity to get out of an intolerable situation which was only going to get worse with my head held high.
    semolina29 likes this.
  20. diddydave

    diddydave Established commenter

    I'm sure we know the same thing :)

    All I'm trying to say is that if your Method B salary is falling, which it is for many, then the effect on teachers who are now part-time and in the final salary scheme is more pronounced.

    For a full-time teacher the lower salary is multiplied by a larger number than it is for a part-time teacher because they are adding more years.

    E.g. Two teachers whose average 3-in-10 salary from 10 years ago was £40,000 and from 9 years ago has fallen to £38,000. Until this year both had 30 years service but in the next year one goes 0.5

    • This year pension = 30/80 * £40,000 = £15,000
    • Next year pension = 31/80 * £38,000 = £14,725
    • This year pension = 30/80 * £40,000 = £15,000
    • Next year pension = 30.5/80 * £38,000 = £14,487.50

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