Retired teachers and teachers thinking about retirement get together in the TES Retirement Group. This is the place to go to get pensions advice, guidance on working part time and to chat to other retired teachers.
Does anyone know of someone, or have experience of accepting voluntary redundancy combined with early retirement? I did this and now can't find out if accepting a job on half the pay I was on before, with the same borough, will affect my enhanced payments. I believe my TPS pension will be unaffected but not sure whether working 2 days per week 4 years later will mean losing the extra benefit which is added to my teacher's pension. What happens if they reduce the enhanced payments and then I stop work again? Will I lose the extra money for ever? Any ideas?
You'd better ask your authority. My guess is you'd be ok but I don't know.
hi all, there is talk at our school with redundancies etc. has anyone had any good packages offered to them? if not what is the basic redundancy offer - is it a week for every year worked. thanks!
a friend of a friend has been offered an enhanced pension from her age of 55 up to now 60 and redundancy.
hi and thanks for the info but I thought there was statutary redundancy?
You need to contact Teachers Pensions, who will advise you as to how much you can earn without affecting your pension payments. Usually the amount you can earn must not be more than the combined total of your pension & your new earnings - gross figure.
You also need to go to the Teachers Pensions website, log in & go to Members Documents and fill out a form called a "Certificate of Re -Employment".
It is best to also opt out of the Teacher's Pensions scheme, but that is a decision you need to make, either way, prior to starting work again.
Your earnings limit runs from Easter to Easter - keep a note of how much you earn. Also notify the tax office, they'll know anyway, but there may be new legislation that you are unaware of.
Your local LEA usually, but not always, runs the civil service & local government pensions & usually admit to knowing very little about Teacher's Pensions, but you may want to consider notifying them as well.
Keep copies of all correspondence & dates/times of phone calls & to whom you spoke.
Odd that the others are getting it and you are not!
Your union is obviously giving you sound advice.......?
I was made redundant from a private school and got statutory redundancy pay (can't remember the formula but Google it). I then took ARB at 55 and can now earn as much as I like, without penalty or further reduction to my pension and am not required to fill in a certificate of re-employment. I have been getting quite a bit of supply work to supplement my pension
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