Pension Age Changes

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.

Link to the youTube Video

The GOOD news is that as the legislation stands the final salary schemes, those that teachers were in before 1 April 2015, retain the pension ages as they were – no real surprise there as that was the contractual obligation, teachers will get what they signed up and paid for.

The BAD news is that the newer, career average, scheme was written differently and so IS subject to the change. If you are not 55 before 6 April 2028 then you won’t be able to access this part of the pension until you reach 57. Also, the 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.

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)

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.

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