Late retirement enhancements

pauline123456

I am just about to sort my retirement out and could do with some advise so I am prepared.
I am a female head teacher who is 73 , I have 52 years pensionable service .
I could have retired at 60 but I chose to carry on, I eventually took phased retirement at 65 and dropped a day(taking 75% of my pension at that time) .
At present I am still a head teacher working 4 days .
I am planning to retire around my birthday next year making me 74 .

Am I right in thinking that because I am a late retiree that I will get late retirement enhancements on my pension ?.
I would like to know were I stand before I enquire .

Any help would be appreciated

NoMore

TPS ?

https://www.teacherspensions.co.uk/-/media/Documents/Member/Documents/Factors/Retirement/TPS%20Late%20Retirement%20Factor%20Guidance%20FS%20Section%201%20April%202015.ashx

pauline123456

I have looked at that and it is really confusing , I think it says I do but not sure there is lots of examples but nothing were I can say this is me.
I would like to be in the position were when I enquire I know all the facts .

bowlhead99

pauline123456 wrote: »

I would like to be in the position were when I enquire I know all the facts .

As a teacher it stands to reason that you would like to know the answer before you ask the question.

However, one way to find the answer is to make enquiries. If you actually know all the facts you don't need to enquire...

So enquire of the relevant parties. If you don't like the answer, then you can proceed to fact checking and "does that sound right to you" questions here...

Sea_Shell

Whatever the figures, after such a long and dedicated career, I wish you a long and healthy retirement.

tacpot12

I'm don't have deep expertise on TPS, but have helped other teachers with their pension questions. Whether or not you are entitled to a Late Retirement Enhancement seems to depend on whether your Normal Pension Age (NPA) was 60 or 65. Those with an NPA of 65 receive the Late Retirement Enhancement, those with an NPA of 60 do not. If your NPA was 65 it would seem that you are entitled to a Late Retirement Enhancement even when taking Phased retirement. I base this on the fact that there is a FAQ on the TPS Members website specifically entitled "Phased Late Retirement Enhancement", but I also note that this FAQ does not make the distinction between NPA60 and NPA65. I think this could perhaps be misleading for members of the NPA60 cohort!

I don't know of the reason why the TPS implements this rule, as it seems unfair. Your union may have information on whether this rule has been challenged previously. If not, they might be able to support you with a legal challenge.

I think the first step I would take if in your situation is to seek clarification that you will not receive a Late Retirement Enhancement solely because your NPA is 60. You can do this by phone (0345 6066166) or My Pension Online. I would be inclined to use the website as you will have receive an answer in writing, which will be useful if you want to challenge the rule.

Best wishes for a happy retirement, and thank you for your service.

pauline123456

I think but not sure as yet ,that I have mixed service NPA60 and NPA65 .
I have read something along the same lines as your post, but then read something that says you do get enhancements for NPA60 as well .TPS website very confusing.

I have asked TPS for final figures but not mentioned enhancements to them .A friend brought up enhancements to me recently ,before that I did not know.
Is it something i will have to ask for or will the TPS just work all this out automatically.
I am abit green with all this ,my husband sorted all our finances out until he passed .
Do i need independant advise ? or will the TPS sort the enhancements out if i am eligible?

thanks for your reply tacpot12

pauline123456

Forgot to put , I also read that NPA60 get an uplift .
Sorry but I am confused what is the difference between uplift and enhancements.

thanks if anyone can help

pauline123456

should I get some independent advise ?

xylophone

independent advise ?

Advice concerning the TPS?

I would have thought that you should wait for a response from TPS - this should enable you to make up your mind whether or not you need advice.


The Administrators should be able to give you the calculations on which your pension will be based.

toldlad

Don't think it would harm you getting some independent advise, if they draw the same conclusion as the TPS at least you know.