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From the Teacher Support Network, www.teachersupport.info.
THINGS TO THINK ABOUT WHEN PREPARING TO RETIRE
Notification, pension plans and unique conditions
By Lucy Rowe
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When should I notify my school I want to retire?
If you have reached the recommended retirement age of 65, you are entitled to retire at the end of the term in which you attain the age 65. Owing to new regulations you employer is required to notify you of your approaching contractual retirement date between six and 12 months in advance of your 65th birthday.
They must also offer you the opportunity to request not to be retire and the school has a duty to consider such a request and follow a procedure called ‘the duty to consider’. As an employee you must make this request in writing no later than three months before your due retirement date as notified by the school. However your school is not obliged to give reasons for refusing a request not to be retired, although in practice many schools do wish to offer an explanation.
How can I plan my pension?
If you are considering retirement it is important that you think about your savings and how you are going to manage financially.
It is possible for you to get a pension forecast from the Teachers’ Pension Agency, which helps you calculate your likely pension benefits and also enables you to check that there are no discrepancies in your teaching record as held by the TPA..
You may also be eligible for Pensions Credit, which has replaced the Income Support or Minimum Income Guarantee (MIG) for those over 60.
In addition to the above pension advice, our InfoCentre also includes Factsheets on how to make the most of your money and advice on budgeting.
Are you considering early retirement?
Securing early retirement can be a difficult process and is usually only possible owing to ill health, redundancy or on the grounds of efficiency. If you are hoping to claim early retirement on any of these grounds, it is important you are aware that this may affect your benefits. Our Factsheet on early retirement can help you address some of these issues.
Are you planning on retiring owing to ill health?
Once again securing retirement through ill health has become increasingly difficult. Further information on this new legislation can be found on the Teacher Net website. If you do decide to apply for ill health retirement, this must be done through your employer and you should work closely with your occupational health advisers and GP to gather the necessary evidence. For further information on application, eligibility and the payments you may receive take a look at our ‘Ill-health retirement’ Factsheet. [hyperlink to factsheet.
Are you considering retiring abroad?
If you are lucky enough to be retiring abroad there are a number of additional things you must consider. The biggest worry for many people who are moving abroad is financial. Will they be able to afford the move? How will it affect their pension? What are the tax and inheritance implications? Along with our Factsheet ‘Retiring abroad’, the site Direct Gov tackles these issues along with information on health and property.
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