Human Resources

Retirement - Teachers’ Pension Scheme

If you are considering retirement and are, or have been a member of the Teachers' Pension Scheme, you should discuss your retirement options with your Line Manager and Dean or Head of Professional Service.

Please see the information below which you may find helpful.

Types of retirement

I want to retire on or after my normal pension age. What are my options?

Information about Age Retirement

I am considering retiring before my normal pension age. What are my options?

Information about Early Retirement

Can I take my pension and continue working without a break in my employment?

Phased Retirement was introduced to allow someone to continue working but reduce their earnings due to part time work or a reduction in their responsibilities and be able to withdraw part of their pension to substitute their loss of income. The maximum a person can withdraw is up to 75% of their pensionable benefits. To be eligible to claim Phased Retirement, you must be between the age of 55 and 75.

Estimates

How can I get a pension estimate?

A personalised pension estimate is available through the Teachers’ Pension Member Portal.  If you have not yet done so, you will need to register for the Member Portal.

A calculator is also available to allow you to model your final salary pension & lump sum.

How to apply

How do I apply for my pension benefits on or after my normal pension age?

You will need to notify your Line Manager of your intention to retire, in writing, with a copy to HR. Submit your resignation in accordance with your contractual notice period, although a longer period of notice may be appropriate to ensure there is no delay in the payment of pension benefits.You can find further information on our webpage Leaving the University.

To apply for your pension, the Age Retirement form will need to be completed. Teachers’ Pensions suggest completing this 3 to 6 months before the date you want to retire to ensure your benefits are paid on time. Click to access the online Age Retirement application form.

How do I apply for my pension benefits before my normal pension age?

It’s possible to take your pension on or after age 55 but you will suffer a permanent reduction in your pension benefits. The University’s consent is required in order to take Early Retirement, therefore, you will need to discuss this with your Line Manager and, if consent is given, notify your Line Manager of your intention to retire early, in writing, with a copy to HR. Submit your resignation in accordance with your contractual notice period although a longer period of notice may be appropriate to ensure there is no delay in the payment of pension benefits. You can find further information on our webpage Leaving the University.

To apply for your pension, the Early Retirement form will need to be completed. Teachers’ Pensions suggest completing this 3 to 6 months before the date you want to retire to ensure your benefits are paid on time. Click to access the online Early Retirement application form.

How do I apply for Phased Retirement?

If the University consents to your Phased Retirement request, the Phased Retirement application form can be completed online.

Where can I get help?

When making financial decisions that affect your future it’s always best to seek independent financial advice. You can get information from www.unbiased.co.uk or guidance from the Pensions Advisory Service.