Early Retirement

If a member is 55 or over, they can ask to access their retirement benefits before their Normal Pension Age (NPA)The age at which you're eligible to claim retirement benefits without actuarial reduction.. You may wish to take the opportunity to discuss with the member other alternatives such as reducing their responsibilities or working pattern and taking phased retirement. This method of retirement allows members to receive part of their benefits while still continuing to work and you retain an experienced member of staff.

If a member decides that they do want to stop work and take their benefits then they can take Early Retirement (Actuarially Adjusted Benefits (AAB)Pensions can be taken from the age of 55 (or earlier if due to ill-health). Where a pension is being paid out before the Normal Pension Age (NPA) for those benefits the amount is reduced using actuarial factors because it is being paid out for a longer period than if taken at NPA.). Their benefits will be actuarially reduced for the lifetime of the pension. Early Retirement cannot be awarded if the benefits are less than their Guaranteed Minimum Pension. Any family benefits that are payable following the death of the member dies will not be adjusted.

If the member is in pensionable or excluded employment at the time the application is made, they must obtain your consent. You cannot withhold consent for more than 6 months from the date of the request. Before Early Retirement benefits can be paid the following must be considered:

  • The member must cease all teaching employment and their contract(s) of employment must end;
  • Where a member works on a supply or casual basis, their contract must end;
  • A non-working day is not considered as a break in service, there must be a genuine cessation of contract;
  • Where a member returns to teaching before the payable date their application is treated as void; and
  • If a member has accrued both final salary and Career Average benefits then all their benefits have to be taken at the same time.

Members can apply for Early Retirement from the secure member area of the Teachers' Pensions website, ‘My Pension Online’. They will be required to complete a number of questions and options so must take care in checking that they have correctly completed all the relevant sections. Members can assess their options, with respect to converting pension to a lump sum, for example, using the modellers on My Pension Online

You’ll be required to confirm:

  • the member’s proposed retirement date; and
  • details of service and salary since your last service return or from a date requested by Teachers' Pensions.

If there is any delay in providing the information the member may not receive their benefits at their retirement / payable date.

Applications should be submitted at least 2 months before the proposed retirement date, but any application received more than 6 months from the retirement will be rejected. This is because service and salary details can change in the intervening period.

Last Updated: 10/12/2021 12:23


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