Hoping to get some advice from someone who understands the TPS.
My wife was planning to retire from teaching this year. She is a little over the NPA of 60 for the final salary part of the scheme, which will be the main part of her pension. She is now considering staying on in a much reduced role for one more year to teach the final year of some exam classes.
I understand that there are options for taking pension and continuing to work, either with a break in contract allowing the full pension to be claimed or as a phased retirement allowing up to 75% to be claimed.
It seems that the break option is going to be more hassle than it's worth and we are looking into the phased option, but what I can't find a straight answer on is: what happens if she simply doesn't claim any pension until she has fully retired at 61+. Will that year or so of the NRA 60 component of the pension be paid in arrears or is that just lost?