Pension shortfalls could ruin teachers' early retirement plans

Three-quarters of teachers are considering early retirement even though many will have not saved enough towards their pension.

A snapshot survey of more than 300 teachers has found that while 75% plan to leave teaching before retirement age, 48% do not expect to have enough money to fund their retirement.

However, teachers in the survey were also confused as to the rules around phased retirement under the Teachers’ Pension Scheme (TPS).

More than a third (37%) of the respondents to the Wesleyan poll are planning some kind of “flexi-retirement”, whereby they will keep working in some form after they begin drawing pension benefits.

While a number of the teachers said they would keep working in order to have money for luxuries, 14% said they would be obliged to keep working in order to meet their basic needs in retirement.

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