TPS guidance please

bucksman

The 'message us' on TPS takes for ever, a probably naive question here?  I am leaving my school job at the end of this academic year (end of August), I reach NPA in May of this year.  Can I apply for my pension to commence once I reach NPA (60) in May or do I need to wait until I end my employment in August. Thank you for your assistance. 

xylophone

https://www.teacherspensions.co.uk/members/planning-retirement/how-to-apply.aspx

Have you seen the above?

bucksman

Thank you for this link, it looks as though it is possible.

Fermion

You can't draw your Teachers Pension at 60 and then continue in a full-time post as the sum of your pension and salary can't exceed average pensionable salary. However you can still apply for your pension to start from the 1st Sept. 

zagubov

If you stay in service until the end of the summer I don't think you can get your pension backdated to your birthday.
Plus I think the pension agency need your employer's confirmation you've stopped working.
You'll be earning of course (and paying more into your eventual pension) so that may be worthwhile but you'll lose the pension you'd have received over these summer months.
Are you considering returning to work in teaching after retirement, so you can collect your pension plus salary?
If so, you can massively cut down on the red tape if you act quickly. 

bucksman

Thank you for your guidance here.  Is this where I effectively stop working for a day on 19 May (60th birthday) and then effectively return to teaching on 20 May up to the end of August, I can then receive pension and salary from 20 May to the end of August?

zagubov

bucksman said:

Thank you for your guidance here.  Is this where I effectively stop working for a day on 19 May (60th birthday) and then effectively return to teaching on 20 May up to the end of August, I can then receive pension and salary from 20 May to the end of August?

I can't give you guidance; like virtually everyone who posts here, I'm not a financial advisor.

If you plan to leave at the end of August, your HR staff won't be able to tell the pension agency you retired at your birthday. So they won't pay until you finally leave, and I'm not sure they can backdate it any more than that, so you might lose a few months pension income but gain obviously your full-time salary and maybe your pension is a bit higher as you've delayed it.

What's your long-term plans? If you want to be gone after August, I know what would work for me: earn for the extra months then retire.

Sounds like you've heard about the one-day rule workaround for people who want to collect their pension and then return to a new job which is big enough that the combined income is above your salary of reference.

This would involve retiring a day before your birthday (ie not working on the 18th May) and potentially losing a fraction of your pension forever (one month's worth possibly). You'd need to check.

If you want to carry on for a few more years, you'd better move fast, as you need your employers and your institution to be onside. That would require you to be able to commit to accept a new contract, and requires your bosses and HR staff to generate the contract with a new job title and employee number.

If you're just planning to stay over the summer and wave goodbye, they've no incentive to do this extra unnecessary extra work which they're under no obligation to do.