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Phased Retirement

Phased Retirement from Age 55 

Phased Retirement offers members of the Teachers Scheme who are over age 55 a greater choice about the way they manage the transition from work to retirement.

For many, the cliff edge approach to retirement (where someone moves from full-time employment to full- time retirement over the space of a weekend) no longer meets their needs or expectations.

Phased Retirement provides for a more managed transition from work to retirement by enabling members of the Teachers Scheme to continue in work in a reduced capacity (by moving to part-time working or by relinquishing some responsibilities) and allow them to supplement their reduced income by drawing down some of their pension benefits.

Phased Retirement allows members to decide how much of their pension benefits that they have accrued so far, they wish to take at the commencement of phased retirement. This can be up to a maximum of 75% of the total benefits.

Phased Retirement can be taken without having a break in employment - but only if the Pensionable Salary (i.e. the salary you pay pension contributions on) reduces by at least 20% of the average salary received in the previous 6 months. The reduction in salary has to be for a minimum of 12 months. This could happen by taking a post with less responsibility or by working reduced hours.

Applications for Phased Retirement must be made within three months of starting employment in a reduced capacity.

Members will need to agree this arrangement with thier employers.

The Phased Retirement can be taken twice before final retirement.

Please read our Phased Retirement Factsheet available via downloadable documents to find out more.

To apply for Phased Retirement you and your employer must complete the Phased Retirement Application Form, available via downloadable documents, and send it to the PSPA.

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