Actuarial Reduction calculations

cobson

zagubov said:

Their websites are here  whether you're in E+W, Scotland or NI.
I seem to recall they don't necessarily sing to the same tune about retiring early if you're on FS plus CARE pensions. For example, maybe in NI you can collect the FS and the lump sum early while collecting the CARE portion later (see this) . 

The rules in that NI factsheet are the same as in England, i.e. if you are retiring at NRA for your FS pension you can choose to either take a reduced CARE pension or defer it to NRA - but if you are retiring early from your FS pension then you must also take your CARE pension early as well.

OP, as JCUK said you would probably be better posting on the TES retirement board as this is specifically for teachers:
https://community.tes.com/forums/retirement.117/

tigerspill

zagubov said:

Their websites are here  whether you're in E+W, Scotland or NI.
I seem to recall they don't necessarily sing to the same tune about retiring early if you're on FS plus CARE pensions. For example, maybe in NI you can collect the FS and the lump sum early while collecting the CARE portion later (see this) . A poster ( foofi22)started a thread on the NI system.
I'd definitely ask work colleagues, union reps, recently-retired colleagues and rehearse the questions you'll need to ask when you contact the pension service, as they can't offer advice or do lightning calculations about predictions.
Are you thinking about retiring all in one go or phasing it gradually? There's good reasons for going for the latter.

Thanks for this.  The FS and CARE must be taken at the same time if taking early (before NRA of the FS part - 60).  If taking on or after the NRA of the FS part - you can take the FS part only and defer the CARE part.  This I have confirmed.
This is actually for my wife (she has no interest in the finance stuff).
Regarding your last point - she isn't considering phased retirement.  However, I think you are suggesting there are benefits in this - would you have more info in this?

tigerspill

cobson said:

zagubov said:

Their websites are here  whether you're in E+W, Scotland or NI.
I seem to recall they don't necessarily sing to the same tune about retiring early if you're on FS plus CARE pensions. For example, maybe in NI you can collect the FS and the lump sum early while collecting the CARE portion later (see this) . 

The rules in that NI factsheet are the same as in England, i.e. if you are retiring at NRA for your FS pension you can choose to either take a reduced CARE pension or defer it to NRA - but if you are retiring early from your FS pension then you must also take your CARE pension early as well.

OP, as JCUK said you would probably be better posting on the TES retirement board as this is specifically for teachers:
https://community.tes.com/forums/retirement.117/

Thanks.  I haven't come across that site before.  I will.

zagubov

tigerspill said:

Regarding your last point - she isn't considering phased retirement.  However, I think you are suggesting there are benefits in this - would you have more info in this?

There's nothing particular to teaching or its pension system. In previous threads we've discussed studies that show that the happiest retirees are the ones still working (usually part-time) as long as the work is familiar to them.
There are also financial advantages plus the avoidance of an abrupt isolation from the social side of work.
I retired early (but not so early I took a major financial hit) then returned to work and am gradually reducing my workload as I approach State Pension Age (while still earning and paying into a new CARE pension).

I know others in the same boat; none are regretting it and we're finding it the best of both worlds. Maybe worth considering.

tigerspill

zagubov said:

tigerspill said:

Regarding your last point - she isn't considering phased retirement.  However, I think you are suggesting there are benefits in this - would you have more info in this?

There's nothing particular to teaching or its pension system. In previous threads we've discussed studies that show that the happiest retirees are the ones still working (usually part-time) as long as the work is familiar to them.
There are also financial advantages plus the avoidance of an abrupt isolation from the social side of work.
I retired early (but not so early I took a major financial hit) then returned to work and am gradually reducing my workload as I approach State Pension Age (while still earning and paying into a new CARE pension).

I know others in the same boat; none are regretting it and we're finding it the best of both worlds. Maybe worth considering.

Thanks.
I retired myself in April last year.  Considered partial, but I hated it so much I just wanted out.  I toughed it out until financially OK.  I now do some voluntary work which suits me well.  OH just wants out as well, but needs another year.  I think she will also be looking at voluntary work.
I haven't looked back once since retiring.  It is great to have my own say on my time.