Repayment of pensions

pioneer22

Hi,

My fiance is thinking about leaving teaching, we were hoping for a repayment of whats she put in. I know people would advise against it but shes pretty sure shes never going back.

Anyway to get a repayment these are the terms:

: A repayment of contributions is available to you if you have less than 2 years total pensionable teaching employment
or less than 5 years total pensionable employment at any time

She has been teaching for 4 years are they not the same thing?

sheramber

pioneer22 wrote: »

Hi,

My fiance is thinking about leaving teaching, we were hoping for a repayment of whats she put in. I know people would advise against it but shes pretty sure shes never going back.

Anyway to get a repayment these are the terms:

: A repayment of contributions is available to you if you have less than 2 years total pensionable teaching employment after 6 April 1988,
or less than 5 years total pensionable employment at any time

She has been teaching for 4 years are they not the same thing?

Did you not miss out a phrase?

jem16

pioneer22 wrote: »

Hi,

My fiance is thinking about leaving teaching, we were hoping for a repayment of whats she put in. I know people would advise against it but shes pretty sure shes never going back.

Then she should simply leave her pension with the TPS and it will become a deferred pension payable at age 65 having grown in line with inflation each year. This will be far better than any rebate of her own contributions minus tax.

She has been teaching for 4 years are they not the same thing?

She is not able to get a refund fortunately. Her choices are leave it where it is (best choice) or transfer it to another pension.

pioneer22

sheramber wrote: »

Did you not miss out a phrase?

Thats a quote directly from the replayment form that I have copied.

pioneer22

jem16 wrote: »

Then she should simply leave her pension with the TPS and it will become a deferred pension payable at age 65 having grown in line with inflation each year. This will be far better than any rebate of her own contributions minus tax.



She is not able to get a refund fortunately. Her choices are leave it where it is (best choice) or transfer it to another pension.

Do you know why she wouldnt be able to claim it back?

jem16

pioneer22 wrote: »

Do you know why she wouldnt be able to claim it back?

She has over 2 years of pensionable service so the rules don't allow it.

Can you say why she thinks it would benefit her to get a refund?

pioneer22

jem16 wrote: »

She has over 2 years of pensionable service so the rules don't allow it.

Can you say why she thinks it would benefit her to get a refund?

But she has less than 5 years total pensionable employment at any time. She didnt work at uni and went straight into teaching at 22.

We need the money soon really.... plus we have other savings/shares for retirement we are both only 27.

jem16

pioneer22 wrote: »

But she has less than 5 years total pensionable employment at any time. She didnt work at uni and went straight into teaching at 22.

It says "less than 2 years total pensionable teaching employment after 6 April 1988," which is what she doesn't have.

We need the money soon really.... plus we have other savings/shares for retirement we are both only 27.

Then use the savings/shares as that will be far less than what she will lose giving up 4 years of pension.

pioneer22

jem16 wrote: »

It says "less than 2 years total pensionable teaching employment after 6 April 1988," which is what she doesn't have.




Then use the savings/shares as that will be far less than what she will lose giving up 4 years of pension.

So what does the 5 years part mean then?

jem16

pioneer22 wrote: »

So what does the 5 years part mean then?

I have no idea - you would need to ask the TPS.

However please try to find another way than taking a refund as it's a very bad idea.

pioneer22

jem16 wrote: »

I have no idea - you would need to ask the TPS.

However please try to find another way than taking a refund as it's a very bad idea.

Pensionable Employment is any period of full or part-time employment between the ages of 18 and 75, where you’re entitled to receive not less than half your salary and on which pension contributions were paid, including sickness absence or, where you’re in receipt of statutory family leave.

What do you make of that?