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Planning for retirement

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State pension

Your state pension age (SPA) is currently separate from your teachers’ pension age. The SPA for men is now 65. For women, it is going up to 65 by November 2018.

As with your teacher pension, your state pension doesn’t arrive automatically. For information, go to www.direct.gov.uk

Phased retirement

Retirement doesn’t have to be a ‘cliff-edge’ – working one day, fully retired the next. You can take phased retirement, drawing part of your pension and continuing to work. You don’t need a break in service and you’ll continue to build up pension for future service (unless you opt out).

There are rules. Your salary must reduce by at least 20 per cent for at least 12 months, either through a post of less responsibility or fewer hours. You can take up to 75 per cent of your built-up pension rights in a maximum of two phases.

Phased retirement isn’t a right – your employer must agree. But we expect its popularity to grow, especially as the Government wants teachers to work until 68.

Staying involved

Retired teachers – your union needs you! Just because you’re leaving teaching doesn’t mean you have to leave the Union. Retired membership costs just £6.51 a year.

Retired members’ sections offer a variety of activities. If there isn’t one locally, set one up. Many retired members use their experience to help serving teachers.

The NUT holds an annual retired teachers’ convention in October. Details are published in The Teacher and in the retired members’ section of our website www.teachers.org.uk/retiredteachers. The NUT is also affiliated to the National Pensioners’ Convention.

We asked teachers what they did or are doing to prepare for retirement.

I attended all the seminars provided by the Union that the cover situation in my school would allow. I also bought a pair of very expensive walking boots with the aim of wearing them out in the first year.

After two and a half years the boots are still going strong – but then they were very expensive!

Anne Williams English teacher for 32 years

Before I retired I drew up a list of all the things I’ve always wanted to do when I had the time. I also met Peace Corps workers when visiting my son in Jordan and looked at VSO literature. I went on to work for them for two years in Bengal, India.

Maggie Flanagan Primary teacher for 18 years

I plan to retire around April 2013 and am already making plans. I spoke to my head about succession management – ie a replacement role – only today, and was told we don’t plan that far ahead!

I’ve sorted out my pension, have a reason for going and know what I’m going to do with my lump sum.

Len Parkyn SEN teacher for 33 years

I took early retirement at 58 because I had other things I wanted to do before I was too old to do them.

It’s important to have a goal. In my case it was to spend a year working with teachers in Africa to promote active pupil-centred learning. I called it my gap year… 40 years late. My lump sum helped fund this.

Don’t just dream about it. Don’t just plan it. Get out there and do it!

Steve Atyeo Former science teacher

Find more information…

• Teachers Assurance offer information, talks and seminars to help teachers make informed financial choices. They have a free guide for those approaching retirement. Call 0800 056 0563 or visit www.teachersassurance.co.uk

• Check the Teachers’ Pensions calculators at www.teacherspensions.co.uk Use your last statement from Teachers’ Pensions to work out your likely pension in advance.

• Life Academy is a charity that provides practical information to help people prepare for life change through interactive websites, workbooks and seminars. Visit www.life-academy.co.uk

• Dr Nick Kirby is NUT Principal Officer, pensions.