# OMG 44 and I'm a pensioner



## AJLang (Jan 10, 2013)

Huge shock and brilliant surprise today to receive a letter stating that I am officially retired from teaching due to ill-health.  It's only a small pension but I am very grateful for it


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## Northerner (Jan 10, 2013)

Goodness! Will you be getting a bus pass and some Werthers originals now? 

Every little helps, you should put it towards a special treat


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## Sazzaroo (Jan 10, 2013)

_Amanda that is great news and some financial help must help you feel a little easier, i'm really happy for you and if you do get the werthers don't forget to share them round, I do like the sugar free version!_


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## Caroline (Jan 11, 2013)

Every little helps, some of the nicest people I know are retired teachers...


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## trophywench (Jan 11, 2013)

Amanda, is this a pension you can actually take the money out and invest in another?  (you can normally take up to 25% of your 'pot' in cash, and the rest of it either leave where it is or invest in another accredited pension scheme)

The sole reason I ask is because you, like myself have an 'Impaired Life' - ie our life expectancy is dire.  LOL

This means at the end of the day, the pension company believe they'll only have to pay it out for a short time and not till we are 110.  hence, they pay more.

Now there could well be lots of inflation protection inbuilt in which case no you don't move it, on the basis that it will remain as the same relative value as you age, whereas by moving it the new company would only guarantee that level of payment for usually 5 years or if you are lucky, 10 years.

Have to say most of my company pensions (3) stayed where they were, but there were 3 others I'd only paid into for just a few years that I could move - and by doing this with them together I increased the yearly payout by nearly a third.  The 10 year protection will run out in 2018 though but by then maybe I won't want or be in a fit state to have such an expensive lifestyle re holidays abroad etc. running a second car whatever .... and by that date, I shall be quids in anyway.  The whole year's worth is still less than ?1,000 a year to me by the way, so we felt it was worth doing it with them alongside the protected ones.


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## AJLang (Jan 11, 2013)

Hi Jenny

Thanks for this.  It's from the Teachers Pension Scheme so they define the amount that you are paid monthly and there is also a lump sum.  It's based on my payments up until I left work and what I would then have got if I had retired at 60.  Does that make sense?  So I can't use it to buy an annuity and unfortunately wasn't in a position to start paying into the pension until I was 35.  I could have had a larger lump sum and a smaller monthly amount but we worked out that this would only be financially sensible if I dropped dead before 64 - and I'm ****** determiend to get my 70 year diabetes medal!  Interesting what you said about life expectancy because although I knew this it was still a shock when the GP wrote on the form "although not strictly terminal diabetes does reduce life expectancy".  I'm really pleased about the money but today still rather in shock that I should be pensioned off at such a young age - although according to them it's only teaching that I can't do - I really wish that I was capable of other work.   But at least it confirms that I was right to leave my academic work when I did in September.


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## mcdonagh47 (Jan 11, 2013)

trophywench said:


> Amanda, is this a pension you can actually take the money out and invest in another?  (you can normally take up to 25% of your 'pot' in cash, and the rest of it either leave where it is or invest in another accredited pension scheme)
> 
> The sole reason I ask is because you, like myself have an 'Impaired Life' - ie our life expectancy is dire.  LOL
> 
> ...



TW the normal pension rules don't apply to Teachers Pensions. Its a Ponzi Scheme run by the Government that would be illegal in a company setting e.g. Robert Maxwell and Mirror pensions.


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## starsshinealldaytoo (Mar 30, 2013)

trophywench said:


> Amanda, is this a pension you can actually take the money out and invest in another?  (you can normally take up to 25% of your 'pot' in cash, and the rest of it either leave where it is or invest in another accredited pension scheme)
> 
> The sole reason I ask is because you, like myself have an 'Impaired Life' - ie our life expectancy is dire.  LOL
> 
> ...



Maybe this site isn't the best to visit when you're newly diagnosed. I am 23 and have just been diagnosed with type 1 diabetes after being seriously ill for some time. I dont find the words 'our life expectancy is vile' very supportive.


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## Lauras87 (Mar 30, 2013)

starsshinealldaytoo said:


> Maybe this site isn't the best to visit when you're newly diagnosed. I am 23 and have just been diagnosed with type 1 diabetes after being seriously ill for some time. I dont find the words 'our life expectancy is vile' very supportive.



Trophywench is only speaking the truth, I didn't like to hear that when I was told.
Good control is key to making sure you live out your years healthy but studies now show women with T1 can now expect to live to 85!

I would send you a link about life expectancy but I think you probably already have a lot to deal with.

This site is a very supportive place, I've battled 10 years on my own without people who understand being there until recently.


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## Northerner (Mar 30, 2013)

starsshinealldaytoo said:


> Maybe this site isn't the best to visit when you're newly diagnosed. I am 23 and have just been diagnosed with type 1 diabetes after being seriously ill for some time. I dont find the words 'our life expectancy is vile' very supportive.



TW is referring to how we are traditionally viewed by the insurance companies. It is a sad fact that not everyone is given the right tools, information and support to help them control their diabetes well. This does not need to be true of the individual who seeks to learn and takes good care of themselves. Personally, I intend to get my 50 years with diabetes medal at around the same time as I get my telegram from the monarch! 

There is a famous quote about diabetes:



> Well controlled diabetes is the main cause of absolutely nothing!



I hope you will continue to post here so that we can learn more about you and help you through this. Please ask any questions you may have and we will try our best to help 

Have a look at our Useful links thread for links to some good resources


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## Pumper_Sue (Mar 30, 2013)

starsshinealldaytoo said:


> Maybe this site isn't the best to visit when you're newly diagnosed. I am 23 and have just been diagnosed with type 1 diabetes after being seriously ill for some time. I dont find the words 'our life expectancy is vile' very supportive.



TrophyW used to work in insurance, thus is speaking in insurance terms only.
There's an awful lot of people aged well into their 70's and 80's who have had diabetes for a very long time.

When I was first diagnosed my mother was told, in my hearing that I would be dead by the age of 20, so don't expect to much from her 

Next week I start year 48 for having diabetes 

As you are newly diagnosed you will be over sensitive about anything and everything involving diabetes, due to the shock and reality of what it involves.

Bottom line is learn all you can about your condition and there's no reason not to live until a ripe old age.

As an old friend once said to me, lambs are born to die,( I was upset due to an orphan lamb dying after hours of tlc)
This saying also applies to the human race we are born to die, when our time is up it's up.

Please hang around the natives are friendly on this forum


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## trophywench (Mar 30, 2013)

Well people have already interpreted what I said perfectly correctly.  I purchased my impaired life annuity with absolute glee as I have absolutely no intention whatsoever of dying any younger than I would otherwise have done !

Another famous quote, from Oscar Wilde this time, who said there are only two absolute certainties in life - Death and Taxes !


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