Phased retirement

[BG2015]

Anyone done a phased retirement?

I took,part in a TPS webinar yesterday and they were talking about it.Your salary has to drop by 20% and obviously your head need to agree. Your hours would also drop.

I know my head would go for this as we have quite an expensive staff.Not sure how it would work out with the lump sum etc but definitely something I'm going to look into.

I'm in Australia and did this. I went to four days the penultimate year, three days the last and it was great.

BUT

I had already paid off my mortgage before this.

The Aussie teachers' system does not have a pension as such, superannuation is organised differently. However the same principle of the fewer days your work, the less yours/employers' contributions will be holds true.

Can you afford AVCs while working less?

The thing you also have to watch out for is not doing a five-day week for three days' pay.