|
|
Types of retirement
Contents:
Normal Age Retirement
Actuarially Reduced Benefit (ARB)
Phased retirement from age 55
Premature retirement
Ill health
- Age retirement benefits are payable when you reach Normal Pension Age (NPA) or from the day after you leave pensionable employment (whichever is the later).
- If you continue in teaching after your 75th birthday, further service cannot be treated as pensionable and retirement benefits are payable from your 75th birthday.
- If you want to receive a lump sum then your benefits must be paid before you reach age 75.
Back to top
- You may claim retirement benefits if you are 55 or over, under NPA and have been in pensionable teaching employment on or after 1 April 2007 and leave employment.
- If you are applying for ARB and you are still in pensionable teaching, you must leave that employment with the consent of your employer before you can access your retirement benefits.
- Employers cannot withhold their consent for longer than six months from the date on which you request to leave.
- ARB is paid from the day after the last day of pensionable employment.
- If you are not in pensionable employment, you may choose the payable date, but benefits will not be paid any earlier than six weeks after the date you signed the application form.
- The actuarial reduction will apply throughout the time your benefits are in payment.
Back to top
- You may take phased retirement without having a break in employment provided that your pensionable salary will reduce by at least 25% for a minimum of 12 months.
- This could, for example, be because you have taken up a post of lesser responsibility or because you are working reduced hours.
- You will need to discuss this arrangement with your employer and they will be required to provide confirmation of the salary reduction on your application form.
- You may exercise this option twice before final retirement.
- You can decide how much you wish to take of the benefits you have accrued up to the commencement of phased retirement, up to a maximum of 75% of your total benefits.
- Remaining service, which must be at least 25%, will be aggregated with the subsequent service you accrue being used in any future benefit calculations.
- Phased retirement benefits taken before Normal Pension Age will be subject to actuarial reduction
Phased Retirement and FAQ's PDF26.4kb
Back to top
- Retirement benefits may be paid if you are:
a) 50 or over; or
b) 55 or over and joined the scheme on or after 1 April 2007; or
c) 55 or over for all members from April 2010
and your employer certifies that your pensionable employment has been terminated because of redundancy or in the efficient discharge of the employer’s function
- There is no automatic right to premature retirement; it is at the discretion of your employer who must agree to the payment of premature retirement benefits.
- If you have any queries about premature retirement arrangements, you should discuss them with your employer. Remember that your employer may be responsible for paying a portion of the pension and lump sum.
Back to top
- Ill-health benefits may be paid if you become permanently unfit due to illness before you reach NPA.
- Further information is available in leaflet Ill-health retirement benefits.
Back to top
|
