The Retirement Newsletter: Have I lost 12% of my pension?

Issue Number: -0.5 — look out for the hidden small print

My Pension and the impact of a two-month delay in retiring

Welcome

Welcome to issue -0.5.

This week, I will examine how I might have lost 12% of my pension. Hopefully, the HR department’s quick action has saved my retirement.

My retirement — the plan

If you’ve been a long-time reader of my newsletter, you will know I have been planning my retirement for roughly 40 years.

My original plan was to retire on February 1st this year (see Issue Number: -9.5). But, when I handed in my notice, my boss asked me to stay until the end of the term to do some teaching and assessments. I did not have to stay, as I had given three months’ notice, but I decided I would.

I had a pension quote for the 1st of February 2024 and based my retirement decision on that quote. And, as I was only staying on for a couple of months, it wasn’t a big deal. I felt happy to help out. However, I checked my pension company’s website to see the impact of working a few extra months.

My pension

My pension company (I will not name them, but I’m sure you can work out who they are from my employment — I work for a university…