|
PENSIONS UPDATE
Despite representations made on behalf of the Unions, the government has implemented changes in our Pensions. There are positive points in it such as a 1/60 return rather than a 1/80 for new entrants after 1st January 2007. You can also increase the amount you have as a lump sum. You can choose to increase it up to 25% - this means that you can double the amount you recieve as a lump sum. The Lump sum is tax free unlike your pension. There are also detrimental effects - worsenging of ill-health benefits, an increase in employees' contributions including current employees and a permanent cap of 14% employers' contributions.
Exact details can be found by following the link below. There is also a pension Calculator. If you log in you will be able to find your details although these will only be correct up to the previous April.
To find general information on your Pension
To access the Pension Calculator
Are you thinking of Early Retirement (Not on Health Grounds) - Fot those who joined before January 1 2007
(see BBC news update & http://news.bbc.co.uk and look for link to TUC)
LOCAL MP's SUPPORTIVE STATEMENT OVER PENSIONS AND RETIREMENT
In a letter to a Birmingham NUT activist, Small Heath MP Roger Godsiff said that "I believe that teachers need to retire earlier than other professions because of the stress of their job. It is invariably the case that teachers, whilst enjoying their work, need to retire earlier than others because of the enormous stress placed upon them."