When considering when to apply for your retirement benefits, there are three significant considerations. First, have you reached your Normal Pension Age, so are you eligible for retirement? Second, are you over 55 and looking to apply for early retirement? And finally, if you are seeking early retirement, has your school agreed to your request?
When you have the answer to these questions, you can begin applying for benefits.
How to apply for retirement benefits
You apply for retirement using the relevant form available on the Teachers’ Pension site. You complete this and submit it within three to four months of the date you wish to draw your pension. The form you choose depends on your circumstances when you retire, whether it is based on age or if you choose to take phased retirement, amongst others.
You then submit this form using your secure online portal, My Pension Online. The Teachers’ Penson will then begin the processing of your request.
Things to consider
When considering retirement, you may need to look carefully at your finances. When requesting early retirement, your benefits will be adjusted down to represent the additional time you will be claiming your pension. You will also have accrued fewer years in service, so your benefits will be lower.
You also need to ask your employer if you are seeking early retirement, and they are only allowed to deny your request for a set period. You may wish to approach an independent financial advisor to explore what this means.
Finally, even if you have reached Normal Pension Age and your school is on board with your retirement, you may also want to give genuine thought to what you will do with all the time you will gain. It is possible to find other employment while receiving your pension, though you will want to speak to an advisor about the consequences of this employment on your benefits.
The content in this article was correct on 28th April 2022. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.