Phased - Julie

Status: Phased Retirement | Role: Primary school teacher

My employer was very supportive.

Julie is currently in receipt of Phased Retirement pension benefits. This allows her to take part of her pension while also continuing to teach (on a reduced hours contract).

Julie’s teaching career started in later life, after she’d had two children. She’s worked mostly full-time throughout her time teaching.

She'd considered Early Retirement when she was 60, but wasn’t sure about taking full retirement, due to personal finances and the fact she was still enjoying teaching.

When Julie was looking at the various options available to her, she found out about Phased Retirement. She decided this was the best option for her, and with her employer being supportive of the idea she started the application process.

Since taking Phased Retirement, Julie job-shares with another teacher and is on a 0.6 contract. She feels this has given her a better work/life balance.

What did Julie do?

1. Julie attended a pension seminar and then spoke to an Independent Financial Advisor who specialised in public sector pensions
2. She used the Teachers’ Pensions calculators and Retirement Planning guide to help with her planning
3. Julie contacted us and spoke with our advisors
4. She spoke to her to Head teacher and Governors about her decision to see if they could support her request.

Do you want to know more about Phased Retirement? Here’s what you can do:

1. Read up on Phased Retirement and the potential benefits of taking this type of retirement.
2. Speak to your employer about it – they’d need to agree to Phased Retirement (due to the reduction in hours/ responsibilities)
3. Register for My Pension Online (MPO) for the personalised calculators, to check your Benefit Statement and send us a secure message.

Before you make any decision it's a good idea to seek independent financial advice on the possible tax implications of proceeding with your application.