Client Portal Independent financial planning advice for teachers

Teachers Logo
  • Home
  • Advice
  • About Us
  • Seminars
  • News
  • Downloads
  • Contact
Email
Home/News/Teachers Pension/Lump Sum/Will you need your Teachers’ Pension Scheme earlier than planned?
loading...

Will you need your Teachers’ Pension Scheme earlier than planned?

04/04/2019 Racheal Smith

It might interest you to learn that half of the pensioners retired earlier than planned.  You may have a solid plot line to your route into retirement.  However, we are not always in charge of circumstance. Therefore, we should consider the possibility of illness to ourselves or our relatives.  Most of the 50% who stopped earlier than planned was due to personal health concerns or due to responsibilities for the care of others.

The survey by Aegon also found that 68% of workers over 50 feared the consequence of failing health.  Another 49% commented on the possibility that an ailing relative may require their help before the planned retirement date.

A gradual flight plan to your teachers’ pension

In a perfect world, you would want to plan a gradual flight plan to your retirement from teaching.  If you are looking to retire at your Normal Pension Age (NPA), let’s say 66, then you will start preparation from the age of 63.  This might include reducing your hours, taking on less responsibility, or even introducing new interests into your schedule.  The shock of retirement can leave some people with a feeling of dislocation, so this sort of preparation is seen as essential.

However, as Robert Burns wisely told us, the best-laid plans of mice and men often go awry.  You may find that these plans are curtailed, and you need a contingency in place.

You are not alone

There are a record number of over 50s in the workforce, making a valuable contribution to the work of the economy and country.  With longer life expectancy it is not surprising that people wish to work longer and extend a period of perceived usefulness.

Wishing to work longer and being able to work longer is not the same.  Having to retire earlier than planned can have a significant impact on your finances.  The value, both of the lump sump and annual rate, will be impacted by an earlier than expected retirement.  Therefore, it is essential to understand how you would financially cope with this forced retirement.  It is a good idea to seek financial advice to make sure you are ready for such circumstances.  Will your Teachers’ Pension Scheme be there to support you?

The content in this article was correct on 28th March 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the Teachers’ Pension Scheme. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.

 

 

 

Share this article:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
Posted under: Lump Sum, Teachers Pension

Tagged in: Early Retirement, planned retirement, Teacher Pension Scheme



Make an enquiry

Please complete and send the short contact form below and we will come back to you as soon as possible.

    First Name

    Telephone

    Email

    Enter code captcha

    Message
    ifa logo
    Apple App Store Google Play Store
    • Site Map
    • Cookies
    • Legal
    • Privacy
    • Careers
    • Facebook
    • Google
    • Twitter
    • LinkedIn

    Teachers Financial Planning Limited is an appointed representative of LJ Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority. Financial Services Authority firm registration number 552276. Content on this website is provided for information purposes only and should not be considered advice. The information contained within this website is subject to the United Kingdom regulatory regime and is therefore primarily targeted to consumers in the United Kingdom. Registered in England & Wales 07612896. Registered Office: St James Business Centre, Wilderspool Causeway, Warrington, WA4 6PS. Calls to 08452 69 69 90 cost 5p [or 5p per minute] plus your phone company's access charge.

    © 2011-2020 Teachers Financial Planning Limited.
    Website designed and developed by Carpe Diem
    This website uses cookies to improve performance: Find out more.