When it is time to leave
Are you starting to think about retiring? You may be hitting your middle 50s and really starting to feel the wear and tear of the constant battle in the classroom. It may be that you want to stop full-time service, claim your pension, but then go back to some form of part-time additional service teaching after retirement. If this sounds like you, then there are some things to know when beginning to plan your retirement.
You can retire from the age of 55 – but – and it is a big but – your pension will be actuarially adjusted depending how far away you are from your NPA (Normal Pension Age). It is possible to retire and wait to claim your pension at the set time too. This is certainly one of those times when you would want to speak to an advisor to consider your best options.
However, whatever you decide, it is easy to do. To begin the process of your retirement you should visit the Teachers’ Pension Scheme (TPS) website and log in to MPO (My pension online). You will then submit a form via this portal and your employer will then be asked to complete their part, so the processing of your application can continue.
When to begin
You are expected to submit your application for retirement four months before you wish to retire. So, if you are wanting to retire in the summer, between June and September, then you should have completed your application before February. However, the Teacher Pensions’ Scheme receives a glut of applications at this time, so it is best to get it in sooner rather than later. It is always best to be at the front of the queue when you are dealing with something as important as your retirement and your future income.
A major tip for ensuring the successful processing of your pension is to check your service history on My Pension Online. If this is inaccurate it is easier for you to seek changes with your employer then it is to apply for retirement and rectify errors afterwards. The Teachers’ Pension Scheme can only receive information about your service from an employer and can only provide more accurate pension benefit if this is organised.
What does all this mean? If you are genuinely planning on retiring in the summer of 2019, then start the planning now. You need to register online with the Teachers’ Pension Scheme, if you haven’t already. You should also check your service history and clarify this with your employer. In the new year, soon to the beginning of term, you should then consider submitting your application. This will give the TPS enough time to process your retirement request and prevent any possible delays in the money you need to live comfortably.
The content in this article was correct on 31st December 2018. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the process of seeking retirement. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.