Teachers’ Pension Phased Retirement Calculator

Plan your Teachers’ Pension

Stop guessing. Use our tools to project your income, calculate tax-free cash, and understand your options.

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How phased retirement works

  • You continue working but reduce your pensionable earnings by at least 20%.
  • The reduction normally has to be maintained for at least 12 months.
  • You can take up to 75% of retained pension benefits at a phased-retirement stage.
  • If you have Final Salary and CARE benefits, you can choose different proportions from each section.
  • Benefits taken before their Normal Pension Age are actuarially adjusted using the current factor set.
Minimum pension age: members with TPS service before 4 November 2021 can retain a protected minimum age of 55. For new entrants after that date, the normal minimum pension age rises from 55 to 57 from 6 April 2028.

1. When will you phase?

2. Pension benefits to take now

Enter the current annual pension figures from your latest benefit statement. Choose the proportion you want to take from each section. Leave a section at zero if it does not apply.

Final Salary — NPA 60

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Final Salary — NPA 65

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CARE

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3. Check the 20% earnings reduction

TPS uses pensionable earnings rather than simply contracted hours. This check is an estimate and should be confirmed with your employer.

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Compare your retirement options

Compare phased retirement with taking all benefits early, or model your wider pension position.

Compare early retirement Open full pension simulator

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Phased retirement FAQs

Your pensionable earnings must reduce by at least 20% compared with the relevant previous earnings period, and the reduction normally needs to be maintained for at least 12 months. The application normally needs to reach Teachers’ Pensions within three months of the reduction taking effect.

Yes. If you hold benefits in more than one TPS section, Teachers’ Pensions says you can choose different proportions of Final Salary and CARE benefits. The maximum available at a phased-retirement stage is 75% of retained benefits.

CARE members can take phased retirement up to three times before finally retiring, although only two can be before age 60. Final Salary members can take two phased retirements before final retirement.

No. Members with TPS service up to 3 November 2021 can retain a protected normal minimum pension age of 55. Members who first joined after that point are generally affected by the rise to 57 from 6 April 2028.