A 5% pay rise versus double-digit inflation…what is best for your pension?
Transfer OUT of the TPS
Less than 2 years in the TPS?
With less than 2 years you CAN get a refund of your contributions…this video looks at why that may not be your BEST option
Get into teaching
Transferring your private pension into the Teachers’ Pension Scheme when you start teaching may give you a better annual pension than buying an annuity…if you live long enough to enjoy it
Selling the Golden Goose?
Pension for sale…£1 for £12
A question to which there are as many answers as their pensioners….and no-one has convinced my one way or the other…so I opened another spreadsheet.
The sheet I used: https://bit.ly/3PzqC9e
The fall of the final salary
Is your final salary pension about to fall over a cliff and lose some of its value?
The scheme end on 31 March 2022 but continues to use salaries from the last 10 years and those into the future. Your pension can go down if you are not careful
Case Studies (Remedy Period)
The remedy period (1 April 2015 to 31 March 2022) is where each eligible teacher gets to choose which scheme it is counted in, either their original final salary scheme or the new career average scheme.
TPS produced some case studies that, in my opinion, appeared to have been designed with the intention to promote the new career average scheme and minimise the differences between the schemes rather than what should have been their primary purpose; to help members of the scheme identify with the examples and so improve their understanding of what is likely to happen to their pensions.
To this end I have created several case studies of my own that, again in my opinion, more closely resemble real cases. The first 3 of these are all based on a typical classroom teacher who reaches the top of the upper pay range and stays there until the end of their career.
In these cases all the teachers are looking to retire at 60 and take all of their pension at that time. This means that any career average pension will be actuarially reduced but this makes the comparison between the choices each member will be given much easier to make.
The three case studies are for;
- A protected member (born before April 1962)
- A tapered member (born between 1962 and 1965)
- A transition member (born after September 1965)
Dave (Protected)
Marci (Tapered)
Sherri (Transition)
Pick the (right) day
Why you should NOT start your pension on the very first day you can…unless your birthday matches that day…
Happy 60th
60+ and still teaching?
The end of the final salary scheme on 1 April 2022 presents you with an opportunity to take your final salary pension, continue working AND get paid more.
“Golf cake” by Eldriva is licensed under CC BY-ND 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by-nd/2.0/?ref=openverse&atype=rich
Final Salary – The End?
Or is it…
The final salary scheme can no longer be added to after March 2022 but that doesn’t mean the end…your future salaries will still be used in working out the pension – so make sure you know how to get the most out of that!
How old?
When can I get my hands on the pension?
In this video I look at the confusion surrounding the changes to the state pension age and the minimum ages that you can access your teachers’ pension