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Had enough and want to get out?

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How can I retire early?

Teachers wanting to retire early isn't news.

How it cna be done is more complicated.

The regulations have changed, on the whole making it easier to retire before the 'full' pension age of 60.

Before 2007, if you decided to retire early (other than on health, efficiency or grounds of redundancy), you would forfeit benefits. This is still the case, but not so stringent as before.

Before 2007, it was possible to elect to retire as early as 55, but your pension would be reduced by up to 25%.

Now, although there would be such a reduction if you retired at 55, but there are other options. It is possible to go part-time at 55 onwards yet have your pension retained at a high level. The pension is now calculated not on final year salary, but on the averasge of the besst three years in the last 10. The only proviso is that you have to be in service, albeit part-time between the ages of 55 and 60.

However, please note that details and advice must be considered by the union before you take any bold steps, so please make sure that you get that advice.

Grounds for early retirement:

There are three reasons you may retire early

Firstly ill health. This can be at any age, but now the regulations distinguish between being able to teach and being able to do any work.No payment would be forthcoming without Occupational Health certifying that a medical condition prevents you doing the job.

Redundancy: this cannot be used because the Head wants to get rid of you! You would have to be over 50 and that the post is shown no longer to exist.

Efficiency: this would be considered if it was felt you were unable to teach any more or, more kindly, the changes being brought in wouldn't be effective in your case as you might choose to leave at 60 and you were now 58, for example.

You cannot choose to retire early without penalty. If however you come in one of the three imposed conditions, then you would suffer no penalty

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