Have you decided that this is the year you will retire? Anyone can retire after the age of 55, with a pension that is actuarially adjusted, or you can retire with your full pension if you have reached your normal pension age. Knowing if you can retire takes some planning, with a thought about your finances, as well as how you will spend your time.
Then, when you have done all your planning, you have spoken to your family and maybe an advisor, you are ready to go. What now?
When to start the process?
Well, the first thing to realise is that you should probably be starting your application now. The Teachers’ Pension Scheme processes approximately 15000 applications each year for those wishing to start retirement on September 1st. Therefore, although the guidance requires you to begin the application 4 months before retirement, it is best to get started sooner. If you want to retire in July, then you only have a few weeks to begin your application.
How to start the process
The process has been made simple. All you need to do is complete the form on the Teachers’ Pension Scheme website, via My Pension Online (MPO). You will need to speak to your employer at the same time, as they will need to complete their part of the application before the process can begin.
Check your service history before applying. This is an essential way of ensuring the application process is as simple and speedy as possible. You can check your recorded service history on MPO, and you should be able to double-check its accuracy with your employer. If there are parts of your information that are incorrect, the application cannot be processed. This information is needed to accurately calculate the pension benefits you will receive, so it is crucial.
Your takeaway in short
Ready to retire? Start the application now to ensure you get your benefits without delay.
The content in this article was correct on 26th February 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the financial planning 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.
