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Advice on Retiring early needed please.

Last post 14/02/12 at 10:15 by sevena, 33 replies
Post started by iankelly on 07/01/12 at 19:48

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  • iankelly avatar
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    Posted by: iankelly 07/01/2012 at 19:48
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     Hello There

    I would be grateful if colleagues could be able to clear up some questions I have regarding retirement.

    1. I am 55 at the end of September 2012. Can I retire in July? I know that if I do I will be paid till 1 September. But will this affect my pension in any way as I will not be employed when I retire as I will be 54 and 11 months on September 1st?

    2. Would it be better to stay on working till I am 55 at end of September? If so would I have to wait until Christmas 2012 to retire or could I leave at half term?

    3. Can I apply for ARB while I am still 54 and 6 months old? or do I need to be actually 55 when I apply?

     It's becoming such a hard job and I really feel the time is right to go, but I just don't want to make any slip ups with the timing.

    Thank you all so very much if you can help :)

  • ColinWilson avatar
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    Posted by: ColinWilson 07/01/2012 at 20:13
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    I cant see any major benifits in grinding out an extra few weeks if you really want to go in the summer. However, the longer you stick it out the higher the pension and smaller the ARB reduction.

    You need to apply at least 6 weeks before you hit 55 if you want to get your pension on your birthday.

     Take a look at the applcation form and notes;

    http://www.teacherspensions.co.uk/resources/pdf/Forms/ARB%20APP.pdf
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    Posted by: jja1 08/01/2012 at 21:17
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    Not an answer to your question but another, related but very relevant question...... I am 53 and intend to retire from teaching at 55. My salary in £ will have been static for 4 years. Due to inflation, the highest value for my salary would have been reached within the 3 years 2008-10. Would my pension be based on my final salary in 2014 or be calculated by applying CPI to the period 2008-10? The latter would be higher. With apologies if this has been covered elsewhere.
  • Peter99 avatar
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    Posted by: Peter99 09/01/2012 at 07:36
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    Not completely certain but the higher figure from the earlier year would apply.  My "average" salary was higher than any salary I ever earned. 

    Check with TPS.  Their helpline is very good in my experience.

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    Posted by: roseangel 09/01/2012 at 14:50
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    Peter99:

    Not completely certain but the higher figure from the earlier year would apply.  My "average" salary was higher than any salary I ever earned. 

    Check with TPS.  Their helpline is very good in my experience.

    Me too.

    I would advise the OP to go at the end of August but live off savings for one month and then claim your pension from your birthday when you turn 55. I don't think you can claim it before then. You will get your salary at the end of August which should see you through until you gget your lum sum.

    You will not be able to retire and leave at a half term.
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    Posted by: roseangel 09/01/2012 at 14:53
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    Apply in plenty of time. You don't have to be 55 to apply just to receive the pension.
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    Posted by: nohistorygirl 09/01/2012 at 16:45
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    If you have any savings, you might be better off using them up before applying for your ARP and lump sum if you can. The longer you leave taking your pension, the higher it will be.
  • iankelly avatar
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    Posted by: iankelly 09/01/2012 at 18:38
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     Thank you all for the very welcome advice. It's just nice to have the option to go. Either it's my age but things seem so hard and stressful these days. One colleague at school is 26 and is in fifth year of teaching. She will not be able to take full pension until she is 68, which is another 42 years on top of the 5 already completed. I just shudder at the thought.

  • nohistorygirl avatar
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    Posted by: nohistorygirl 09/01/2012 at 19:16
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    I know. It's mad, isn't it? It doesn't help when teachers around you drop dead age 56, like at our place recently, and a few others have the big C. I've been teaching nearly 20 years and have started to loathe the job in the last couple. So much meaningless paperwork and I hate controlled assessments with a passion. Fortunately, I have a few savings and another pension so at age 52, I'll be retiring this Summer but won't need to take the pension until I'm nearly 60, if my sums work out.Good luck with your plans.
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    Posted by: jja1 09/01/2012 at 20:46
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    Thank you, Peter. I will do as you suggest. I agree with the other sentiments expressed here also. Deciding on a retirement date needs careful consideration. Leaving it too late is not adviseable. John
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