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Early retirement

User
Posted 09 Jan 2019 at 22:39

Originally Posted by: Online Community Member


i am Lyn and know how tight they can be. If redundancy was there i would jump at it. But no mention yet  Although it may only be a matter of time...but that's the unknown and how long do you hang on for. I'm a damn why didn't i wait kind of person


 Bri



 


About 2 months after John finished, they announced a huge redundancy programme. That's just the luck of the draw and he at least had the benefit of not being there while everyone was stressing about it. Considering who you work for, it might be worth asking HR about the possibility of Early Leavers enhancement; there wasn't a redundancy programme when I left the LA but I asked them to make me an offer and they did because they were desperate to make the books balance. Bradford has just done the same for a friend of mine on the basis that she was a top of the scale employee who could be replaced by a new entrant on different Ts & Cs. 

"Life can only be understood backwards; but it must be lived forwards." Soren Kierkegaard
User
Posted 09 Jan 2019 at 22:40
Ido, that is unbelievably useful. I think John might be entitled to this ESA!
"Life can only be understood backwards; but it must be lived forwards." Soren Kierkegaard
User
Posted 09 Jan 2019 at 22:46
Good evening Bill,

Sorry to read that you are having to consider these sorts of choices. But at least you are here and able to make them, so that is a good thing.

Experience of these sorts of situations? Many of us are dealing with a similar situation, although at different stages.

Chatting to a recently diagnosed friend, he is in his own state of turmoil, reassessing life and priorities.

One thing that most folks seem to agree on is not to make any long term or irreversible decision whilst upset, stressed or unclear, or until it has been fully explored.

Is there any way you can make all the relevant enquiries about what options may be open to you without alerting anyone who might not react favourably to the idea you might leave?

Then could you do the maths, explore what that future may hold? Be that including retiring, part time working, job change, moving, downsizing or whatever?

And if you could put those calculations away for a week or a month? Then revisit the same options plus any new options that you may have come up with, recalculate the outcomes again, and see how palatable they are a month later?

atb

dave


All we can do - is do all that we can.


So, do all you can to help yourself, then make the best of your time. :-)


I am the statistic.

User
Posted 09 Jan 2019 at 23:11

Hi Dave


that is sound advice, I will proceed carefully and with as clear a head as I can - theres no rush.


i think I will explore the reduced hours possibility in the short term, that would be a bit of a blessing just now and allow me time to evaluate everything

User
Posted 09 Jan 2019 at 23:30

I might be jumping in without the full info but there is an NHS Sickness Retirement Leaflet dated Oct 2016 that gives 2 tiers of sickness early retirement.   See the link below.


https://www.nhsbsa.nhs.uk/sites/default/files/2017-05/Ill%20health%20retirement%20tiers%20and%20FAQs%20%2805.2017%29%20V8.pdf


Also I'd think it can depend how you approach it and who you approach, as making a decision can sometimes depend on the support you have, e.g your boss, and the attitude of the person making the decision.  Although some can be hard nosed.


As someone else has said you need to know your outgoings and what you can manage on.  I don't know how the NHS scheme works but with my pension I took less because my wife gets half if she outlasts me.  If it has 100% inflation proofing which it might have then that can be helpful.   If the NHS agree it might help in getting something from an insurance company if you have any insurance, especially for a mortgage.


Also I know several people in the NHS who are in their early 60s retired and went back doing 1 or 2 days a week.  Taking sick pension might be different but if you're in a scarce skills job it shouldn't be too difficult if you are capable of it.   Hope that helps.

Edited by member 09 Jan 2019 at 23:53  | Reason: Not specified

User
Posted 10 Jan 2019 at 07:13

Originally Posted by: Online Community Member


Originally Posted by: Online Community Member


i am Lyn and know how tight they can be. If redundancy was there i would jump at it. But no mention yet  Although it may only be a matter of time...but that's the unknown and how long do you hang on for. I'm a damn why didn't i wait kind of person


 Bri



 


About 2 months after John finished, they announced a huge redundancy programme. That's just the luck of the draw and he at least had the benefit of not being there while everyone was stressing about it. Considering who you work for, it might be worth asking HR about the possibility of Early Leavers enhancement; there wasn't a redundancy programme when I left the LA but I asked them to make me an offer and they did because they were desperate to make the books balance. Bradford has just done the same for a friend of mine on the basis that she was a top of the scale employee who could be replaced by a new entrant on different Ts & Cs. 



 


thanks. Worth considering as i am


top of the scale as well  


 


Bri 

User
Posted 10 Jan 2019 at 08:51
Unfortunately my local authority was known for not enhancing retirement benefits whereas in some areas they offered packages. It’s another postcode type lottery.
As far as budgeting for retirement I used Martyn Lewis’s budgeting spreadsheet and my financial adviser got me to complete a budget sheet plus a big ticket spend sheet too.
Very useful to see a way forward.

https://www.moneysavingexpert.com/content/dam/mse/documents/guides/budget_planner.xls

Ido4

User
Posted 10 Jan 2019 at 10:17
Yes, our adviser gave us a similar lifestyle sheet to fill in - current and aspirational budgeting.
"Life can only be understood backwards; but it must be lived forwards." Soren Kierkegaard
User
Posted 10 Jan 2019 at 12:36

Bill


Are you in a union?  It might be worthwhile talking to them about the sorts of reasonable adjustments your employer has offered in the past and under what circumstances.  It would be good to be armed with this knowledge before meeting occupational welfare.  My occupational health advisor has taken a cautious approach with me and my employers have never questioned his recommendations.


I'm currently doing 7 hours per day, 2 short of the normal 9.  I'm also exempt from my boarding school evening and weekend duties but am hoping to resume these in the summer term.  At one stage, I was doing 4 hours per day and not coping very well with that owing to fatigue.  I wasn't sure if that was post-SRT fatigue, bicalutimide fatigue or a combination of both.  I also had the symptoms of radiation proctitis so never wanted to be far from a toilet.


At the moment, the fatigue is manageable, but getting out of bed in the morning is a real issue.  I wake up thinking about when I can go back to bed again, even if I have slept well, which I usually do.  I've also become forgetful and lacking in focus and concentration.  I blame bicalutimide for that, but maybe I'm wrong.  I stop bicalutimide in August and hope that will be the end of all these issues.


Ulsterman

User
Posted 10 Jan 2019 at 15:53

I get most of thise symptoms too, I read somewhere that HT can give a ”fuzzy thinking” side effect, thats what it feels like


I am in a good Union and in contact with them. they have put me in touch with a free independent pension/financial advisor who I will speak to next week, but I will also ask them about reasonable adjustments too before talking  to occupational health


 


cheers

Edited by member 10 Jan 2019 at 16:58  | Reason: Not specified

User
Posted 10 Jan 2019 at 18:19
Bill, I was once a Head of Personnel in local government before they called it HR! In my day, the NHS and local government schemes were similar. That would apply to the first part of your service, I guess. I recall a big difference in benefits between ill health early retirement and "normal" early retirement. Also inflation uprating of pension did not apply between ages 50-55.

I think you would be very brave to go at 50 with your limited service. You might find it tough going financially. The longer you can tough it out the better, I'd say. I managed to put off my early retirement to age 56 and I had built up a very good pension pot with Additional Voluntary Contributions to the maximum allowed. I planned to be and indeed was as well off in retirement after taking account of cost and tax savings as I had been in work. I was and am very happy that I retired early, not unconnected with the financial arrangements!

Think about it carefully and get over your treatment first, I'd advise.

Good Luck

AC
User
Posted 10 Jan 2019 at 18:35

Yes


Ive given it thought since yesterday and age 50 plus my treatment stage - it is a bit premature. I need to wait a few years and see how my health is, what my PSA does after I stop HT


 


then I will be in a position to know better. Meanwhile I will look to ease my working life whilst still in treatment utilizing Ulstermans input via reduced hours

User
Posted 10 Jan 2019 at 19:30

Bill


I think what AC said makes a lot of sense.  I know a fellow head teacher who retired at the age of sixty.  He has found retirement to be too boring and is struggling to keep himself mentally stimulated.  It's one of the reasons I want to continue for a few more years at least, health permitting.  But at least we have a pension.  My brother in law doesn't have a pension scheme and at the age of 50 can no longer continue in work owing to his cancer.  Financially, they are in real trouble.


Ulsterman 

User
Posted 11 Jan 2019 at 15:11

I spoke with my Line Manager today, who I do find supportive. Unfortunately though she stated that refuced hours would also have to mean reduced pay, even temporarily


I said I will give that some thought and discuss with my wife

User
Posted 11 Jan 2019 at 15:29

Bill


I'd ask the union for advice.  I know that in education in various schools in which I have worked, people have been on reduced hours with no reduction in pay.  It is probably down to policy in each organisation.


Ulsterman

User
Posted 11 Jan 2019 at 16:24

I was told by my manager in a local authority school that if i reduced hours pay would be  reduced right away. The only adjustments i got were to have access to a toilet and permission to leave the class if i had to run.


Not very supportive. The disability act seems to be seen as guidance only and not fully enforceable. 

Ido4

User
Posted 11 Jan 2019 at 16:50

Something to consider if thinking of buying  an annuity is how long it will take to get your money back. A couple of years ago some quotes I got it would take 23 years to get back the money you used to buy the annuity.


Thanks Chris


 

User
Posted 11 Jan 2019 at 18:09

Originally Posted by: Online Community Member


Something to consider if thinking of buying  an annuity is how long it will take to get your money back. A couple of years ago some quotes I got it would take 23 years to get back the money you used to buy the annuity.


Thanks Chris


 



wise words Chris. I had similar advice about whether to max my pension lump sum. i always thought i would take the smaller lump sum and maximise my monthly income. But I would have to live to 73 to catch up. Im not confident i will live till then but if i do i will have the state pension to top up my income

Edited by member 11 Jan 2019 at 18:10  | Reason: Not specified

User
Posted 11 Jan 2019 at 18:14

That’s ridiculous - I could forgive a really small company for not knowing their duties under the Equality Act but a school should bloody well know better (or should have asked their HR provider).


These might help:


https://www.macmillan.org.uk/documents/cancerinfo/reasonableadjustmentsguide.pdf


http://m.acas.org.uk/index.aspx?articleid=5847


https://www.equalityhumanrights.com/en/multipage-guide/reasonable-adjustments-practice


https://www.unison.org.uk/content/uploads/2018/10/Proving-Disability-and-Reasonable-Adjustments-Oct2018.pdf


While an employer might be able to argue that it is reasonable to reduce pay if a worker is permanently moving to part time work, I think they would struggle to defend reducing pay for a temporary change in hours during treatment, or for flexible working. Maintained schools would not be taken to a tribunal; it would be the local authority that would have to defend themselves and as large employers, they would not be able to cite cost as a barrier to reasonable adjustment.


If you are members of the NEU, NASUWT, NAHT, ASCL or similar, I have always found their convenors, reps and solicitors excellent in these circumstances.


 


 

Edited by moderator 12 Jul 2023 at 17:34  | Reason: to activate hyperlinks

"Life can only be understood backwards; but it must be lived forwards." Soren Kierkegaard
User
Posted 12 Jan 2019 at 09:53

Lyn


This is especially relevant for Bill as his nhs maanager has told him the same thing as Ido4.  I thought it didnt sound right.  Both are in Scotland, but that shouldnt make a difference.


Ulsterman

 
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