Now i'm 55

[Winnershsaint]

My wife is 54 and she worked in the local NHS Hospital Trust for 12 years. She was made redundant in a re-organisation of HR and training functions. She was able to take her NHS Pension. Got her actuarily reduced lump sum yesterday. Wasn't financially worth keeping it until she was 60, especially she wasn't paying into it any more. She now has a job with a multi-national Telecoms company which she thoroughly enjoys. The culture in that company is based on trust and professionalism, whereas her experience in the NHS was one of suspicion, narrow thinking, bullying and fear. The years she spent in vain trying to turn this workplace culture to a more progressive and enlightened one was in the end part of her downfall within that organisation. Even the circumstances of her redundancy highlight the inefficiencies of the NHS whereby an HR Director effectively cost the trust more in redundancies than savings they made, as a small number of others remaining were given substantial promotions. What happened to my wife in terms of consultation with regards to redundancy and the roles that were left was bordering on the illegal and a case could be argued for constructive dismissal. She is so happy to back in the private sector. NHS rant over.
Back to pensions, I took early retirement aged 57 from teaching in the summer and would have been able to access that from 55 onwards.

 

[screenman]

Happy birthday old fellow, if I was local I would certainly buy you a pint.

 

[Levo-Lon]

The minimum age is now 55 although some schemes eg British Aerospace have some members who are still allowed to take their pension at age 53 - don't understand the ins and outs of this tbh so always best to check each scheme on an individual basis.

mine was a Self Employed type i took out as a 20 something i stopped paying in yrs ago..it will pay about 1200 a year if i leave it.
so it may cover winter fuel bills in 15 yr if i leave it in...

 

[midlife]

My wife is 54 and she worked in the local NHS Hospital Trust for 12 years. She was made redundant in a re-organisation of HR and training functions. She was able to take her NHS Pension. Got her actuarily reduced lump sum yesterday. Wasn't financially worth keeping it until she was 60, especially she wasn't paying into it any more. She now has a job with a multi-national Telecoms company which she thoroughly enjoys. The culture in that company is based on trust and professionalism, whereas her experience in the NHS was one of suspicion, narrow thinking, bullying and fear. The years she spent in vain trying to turn this workplace culture to a more progressive and enlightened one was in the end part of her downfall within that organisation. Even the circumstances of her redundancy highlight the inefficiencies of the NHS whereby an HR Director effectively cost the trust more in redundancies than savings they made, as a small number of others remaining were given substantial promotions. What happened to my wife in terms of consultation with regards to redundancy and the roles that were left was bordering on the illegal and a case could be argued for constructive dismissal. She is so happy to back in the private sector. NHS rant over.
Back to pensions, I took early retirement aged 57 from teaching in the summer and would have been able to access that from 55 onwards.

That's unusual, I thougt the NRA for the 1995 scheme was 60 and the NHS kept their hands on it, similarly the 3/80ths lump sum. Does your wife get the 15/80ths of her salary per month now?

Teachers on the old scheme acrued pension faster than the NHS and could retire earlier as you know.

Shaun

 

[Katherine]

Happy Birthday to you

 

[Winnershsaint]

That's unusual, I thougt the NRA for the 1995 scheme was 60 and the NHS kept their hands on it, similarly the 3/80ths lump sum. Does your wife get the 15/80ths of her salary per month now?

Teachers on the old scheme acrued pension faster than the NHS and could retire earlier as you know.

Shaun

I believe it was part of her redundancy settlement because of her being over 50 and not leaving the scheme voluntarily. She says that up until 4 years ago her pension would have been enhanced to what she would have received at 60 on redundancy. As to the accrual rate and how that led to her eventual settlement I have not delved too deeply into that beyond knowing the headline figures. I am sure that somewhere within the paperwork she has received these details are quoted, its just that I've not seen them.
As you point out, as a teacher on the old scheme I did indeed accrue pension at a faster rate than her NHS one. Personally I am glad that this is the case as being able to cut relatively minimal losses and get off the treadmill has been just about the best thing I have done. I now work part time as a cover supervisor in my school with few if any of the pressures I faced prior to July. Most of my work prior to retirement involved working with the vulnerable youngsters in the school at a senior level, but we experienced considerable upheaval in the Autumn of 2014 which resulted in the appointment of a new head and leadership team. It was clear that my role would disappear, leaving me on a protected salary for three years, which would have taken me to beyond retirement age.This would have been at the expense me being back on a full timetable with all the planning, marking and accountability for progress and achievement that would entail. Through roles that I'd undertaken I had been pretty much out of the classroom regularly for a decade or more, so the retirement option was the better one. I got a good deal form the school and will save them around £80000 between September 2015 and December 2017.

 

[midlife]

I believe it was part of her redundancy settlement because of her being over 50 and not leaving the scheme voluntarily. She says that up until 4 years ago her pension would have been enhanced to what she would have received at 60 on redundancy. As to the accrual rate and how that led to her eventual settlement I have not delved too deeply into that beyond knowing the headline figures. I am sure that somewhere within the paperwork she has received these details are quoted, its just that I've not seen them.
As you point out, as a teacher on the old scheme I did indeed accrue pension at a faster rate than her NHS one. Personally I am glad that this is the case as being able to cut relatively minimal losses and get off the treadmill has been just about the best thing I have done. I now work part time as a cover supervisor in my school with few if any of the pressures I faced prior to July. Most of my work prior to retirement involved working with the vulnerable youngsters in the school at a senior level, but we experienced considerable upheaval in the Autumn of 2014 which resulted in the appointment of a new head and leadership team. It was clear that my role would disappear, leaving me on a protected salary for three years, which would have taken me to beyond retirement age.This would have been at the expense me being back on a full timetable with all the planning, marking and accountability for progress and achievement that would entail. Through roles that I'd undertaken I had been pretty much out of the classroom regularly for a decade or more, so the retirement option was the better one. I got a good deal form the school and will save them around £80000 between September 2015 and December 2017.

Thanks for the post, just curious.

With one salary for a family of five with uni to pay for I have to go for the full 40 years........... And then some more before retirement. I guess you can sense that jealousy

Cheers

Shaun

 

[screenman]

Only 40, I have worked 45 and will hopefully get in another 10. Being self employed may have some benefits, a pension is certainly not one of them.

 

[Winnershsaint]

Thanks for the post, just curious.

With one salary for a family of five with uni to pay for I have to go for the full 40 years........... And then some more before retirement. I guess you can sense that jealousy

Cheers

Shaun

I suppose we've been fortunate how the financial dice have rolled in 2015, and it's easy to forget that not everyone is in the same boat, especially those who are self employed or in different circumstances.
At present I am really enjoying what I do, because it takes me back 30 years to a time when I could just teach. It doesn't matter what subject I can't help but give it a go, Dance and drama have proved a little challenging . Doing this three days a week has shown me why the retirement age is as it is.