Teacher Pension

twinklie

I'm just starting out on my teaching career and in fact have just received my first pay cheque. However, I was wondering if anyone could tell me a bit about the teacher pension.

My problem is that although I'm loving the job, my OH and I are thinking of trying to leave the country in the future. Now I'm not sure what the possibilities of transferring my pension out and taking it with me are. Just wondered if anyone could help with that.

Thanks in advance if you can and do.

MikeJones_2

The Teachers' Pension Scheme is a defined benefit type pension scheme which provides you with a pension based upon your pensionable service and your final pensionable pay.

It is widely regarded as an excellent pension scheme - particularly so if you accumulate long service.

The scheme provides you with a pension and the option to take a lump sum (as you joined after 1st January 2007). When you retire your pension will be index-linked.

It also has additional benefits in the form of dependants' pensions on your death.

As far as retiring abroad in the future, it depends on where you intend to retire as to how your benefits would be best dealt with, and whether you have your pension paid abroad, or move your pension overseas. This article may interest you though:
QROPS revision raises concern over emigrants (Citywire)

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

twinklie

Cheers Mike.
We are looking at Canada and New Zealand as possibilities.

Don't suppose you know of anywhere I could go to get the answers to these questions do you?

MikeJones_2

Hi twinklie,

Useful information:

Preparing to move or retire abroad

I hope that helps, and I'd also recommend that you search out an IFA that specialises in overseas clients.

Mike