I turn 60 in November and in both final and average schemes. I would like to retire and continue with a 0.6 from September 2024 or January 2025 which is my current thinking as both these dates are are easier for the school to accommodate - My salary will not be increasing. Which methods would best suit? Thanks.
You have options in this scenario and all sorts of combinations are possible. You can take phased retirement from September if your salary is going to drop by 20% or more. This would allow you to take up to 75% of your pension or pensions. Taking 75% of the final salary pension at that time would mean it had been taken "early" and as such would then be untouchable as far as abatement is concerned. It would be reduced slightly for being taken early. You would be able to continue paying into the TPS's CA scheme with no minimum qualification period. When you get to your 60th you could take the remaining amount of the final salary pension without leaving employment as you would have reached your normal pension age (presuming you started in the TPS before 2007). This remaining part, taken at 60, WOULD be subject to the rules on abatement though. In working out the amount you are allowed to be paid the previous untouchable amount would be involved in that calculation as would any amount you had taken from the CA pension as part of the phased retirement. Taking the rest of the FS pension at this time would mean that you would have to start a new CA pension and complete a further 12 months employment for that subsequent service to qualify to be added to the CA pension you have left in the scheme. Or, you could leave the pensions alone and take the FS pension in full in April when you turn 60. No reduction as that would not be early access but all of it would be subject to abatement limits.
Hi. You said at the end that you were "switching into the Q&A session". Is there a recording of that? Also, was this originally broadcast live, and - if so - how can I access live sessions? Thanks.
Hi, if I left teaching and then joined the NHS and the NHS pension scheme, would abatement be applied? Also, if I were offered redundancy and left teaching, when would be a good time to claim my pension?
Abatement of the teaching pension, paid by the TPS, is only assessed against how much you are paid in a job where the pension scheme available to you is also the TPS scheme. Taking the TP whilst working in any other post with any other pension scheme won't lead to abatement. The "good time" isn't one I can comment on as that really needs you to get advice from a qualified financial adviser, which I am not.
The break CAN be as little as one day, but that can only be achieved if you have a break in employment contracts. Opting out can trigger the start date of the final salary pension but opting out is for a minimum of one calendar month.
After watching this I have a question about the final salary scheme. I had thought that as the scheme ended in March 2022 that I earned 6 months of benefits in that scheme in that academic year. Is this correct? You talk about an extra 3 months.
Thank you . Another great video👏
I turn 60 in November and in both final and average schemes. I would like to retire and continue with a 0.6 from September 2024 or January 2025 which is my current thinking as both these dates are are easier for the school to accommodate - My salary will not be increasing. Which methods would best suit? Thanks.
In September 2024, I'm reducing my hours to 0.7. In April 2025, I turn 60. Can I therefore claim my final salary pension and continue working then?
You have options in this scenario and all sorts of combinations are possible.
You can take phased retirement from September if your salary is going to drop by 20% or more.
This would allow you to take up to 75% of your pension or pensions. Taking 75% of the final salary pension at that time would mean it had been taken "early" and as such would then be untouchable as far as abatement is concerned. It would be reduced slightly for being taken early. You would be able to continue paying into the TPS's CA scheme with no minimum qualification period.
When you get to your 60th you could take the remaining amount of the final salary pension without leaving employment as you would have reached your normal pension age (presuming you started in the TPS before 2007). This remaining part, taken at 60, WOULD be subject to the rules on abatement though. In working out the amount you are allowed to be paid the previous untouchable amount would be involved in that calculation as would any amount you had taken from the CA pension as part of the phased retirement. Taking the rest of the FS pension at this time would mean that you would have to start a new CA pension and complete a further 12 months employment for that subsequent service to qualify to be added to the CA pension you have left in the scheme.
Or, you could leave the pensions alone and take the FS pension in full in April when you turn 60. No reduction as that would not be early access but all of it would be subject to abatement limits.
@@dfountain thank you for the comprehensive response. Really grateful.
Hi. You said at the end that you were "switching into the Q&A session". Is there a recording of that? Also, was this originally broadcast live, and - if so - how can I access live sessions? Thanks.
I used this in a Facebook Live session which is where the Q+A took place: facebook.com/groups/230186658803343/
@@dfountainThanks.
That’s a link to the group not the video. Can we have a direct link please?
@@DoctorMikeReddy no, the Q&A was a text based one within the group, sorry.
Hi, if I left teaching and then joined the NHS and the NHS pension scheme, would abatement be applied? Also, if I were offered redundancy and left teaching, when would be a good time to claim my pension?
Abatement of the teaching pension, paid by the TPS, is only assessed against how much you are paid in a job where the pension scheme available to you is also the TPS scheme.
Taking the TP whilst working in any other post with any other pension scheme won't lead to abatement.
The "good time" isn't one I can comment on as that really needs you to get advice from a qualified financial adviser, which I am not.
Thank you
Hi
How long the minimum break can be?
The break CAN be as little as one day, but that can only be achieved if you have a break in employment contracts. Opting out can trigger the start date of the final salary pension but opting out is for a minimum of one calendar month.
After watching this I have a question about the final salary scheme. I had thought that as the scheme ended in March 2022 that I earned 6 months of benefits in that scheme in that academic year. Is this correct? You talk about an extra 3 months.
Yes, in that case I am talking about calendar years rather than academic ones.