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!
Final Salary – The End?
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Hi David, Thank so much for your invaluable help. I am very confused about taking a one month pension break. I am a 53 year old teacher planning to retire at 60. My highest revalued salary was in 2014-2017. When will the 2014 salary disappear? Also if I take a pension break, for how long will I be able to “use” 2014? For example will I still be able to use it in 2030 when I retire? Finally do you know if we can still get 2 years free if we buy buy out before April? Thank you.
2014 will disappear month-by-month as we move through 2024. Now, in February 2024, both January and February 2014 have become too old to be used and have been lost from the calculation.
A break means you will FOREVER be able to use the 2014 salaries.
The Buy Out thing is an unusual one and given a bizarre post put out on Friday 2 Feb I am not sure they know what they are doing!
Dear David, thank you for your amazing site. I am now a p/t teacher, looking to retire at 60 in 2025. My highest 3-year salary period was back in 2009-2012. Luckily, I did have a break from teaching for 6 months from September 2012. But how do I ensure that the TPS use this salary as the basis for my pension? Do I have to remind them, or is it done automatically? I feel that the TPS is like the Delphic Oracle – they have all the answers, but will only answer the question you ask. Many thanks. Matty.
It should be done automatically but there are cases where it somehow slips through the net, so do keep an eye on the calculations that are done.
I’m afraid that, yes, you need to know the correct questions to ask to get the answers you need as they are reluctant to volunteer information that might be useful to you for fear of it being misinterpreted as “giving advice”, something that since the miss-selling scandals is strictly forbidden.