The Teaching pension schemes are no strangers to changes in the pension age at which they are designed to be taken.
Before 2007 it was 60, then 65 and more recently has been brought into line with the state pension age. What is also changing is the MINIMUM pension age – the age at which you can, with a reduction, take the pension.
The GOOD news, for some, is that if you were paying into the TPS before the Government announced the change to the minimum pension age then you will retain the right to take the pension from 55.
Key date: 4 November 2021
If you were IN the scheme before 4 November 2021 then you do retain the right to take your teaching pensions from 55.
The BAD news for some then, is that if you started after this date then, from 6 April 2028 you will cannot take it before 57. (Unless via an ill-health retirement)
The Government’s plan is to raise this further in the future to 58 and for it to then track 10 years behind the state pension age. Remember though that taking it 10 years early does mean you will be paid less to make up for the fact you will be paid it for longer.
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