Teaching Pension Question

ziopin

Hi, I've been a full time teacher since 1999, and hope to retire before I am 60 !


I have been offered a full time position with an Education Advisory Service, which has a considerably higher pay packet that my current wage. I aim to work with them for 2 years and hopefully go back into senior management at another school at the end of this time.


What do you suggest I do with my teaching pension, and what type of pension should I be hoping to get with my new employer? I'm a bit clueless when it comes to pensions

jem16

ziopin wrote: »

Hi, I've been a full time teacher since 1999, and hope to retire before I am 60 !

Very unlikely to happen unless you have alternative provision to bridge the gap until state retirement age of 67/68. What age are you?

I have been offered a full time position with an Education Advisory Service, which has a considerably higher pay packet that my current wage. I aim to work with them for 2 years and hopefully go back into senior management at another school at the end of this time.


What do you suggest I do with my teaching pension, and what type of pension should I be hoping to get with my new employer? I'm a bit clueless when it comes to pensions

Does being an Education Adviser still not give access to the TPS? In Scotland it certainly would.

If it doesn't then you simply leave your TPS where it is. You would become a deferred member. If you rejoin later within 5 years you just pick up from where you left off.

Gem-gem

I became a teacher in 1999. I left teaching last April (2014) (and froze my pension). I have also become an adviser and have joined the Local Government Pension scheme ( career average take at 67). I am not planning to re activate my teacher pension as I can take my tp at 60 and it is a final salary pension- (but from this year the teacher pension is changing and you will get it the same time as your state pension - for me it will be 67 years).
I am saving hard as I plan in reducing my hours in my 50s. Taking my TP and AVC's at 60 and then my state pension and LGP at 67.

jem16

Gem-gem wrote: »

but from this year the teacher pension is changing and you will get it the same time as your state pension - for me it will be 67 years).

For accrued benefits you can still take it at the normal retirement age for the scheme you joined - ie 60.

Gem-gem

Yes, thank you - I made an error in the sentence.
As I understand it I can take it at 60. Anyone who is still paying in cannot take it till they are 67 or 68.

FatherAbraham

Gem-gem wrote: »

Anyone who is still paying in cannot take it till they are 67 or 68.

No, as Jem said, accrued benefits can be taken at 60. Contributing to the new scheme has no effect on accrued bennies.

Warmest regards,
FA

Gem-gem

FatherAbraham wrote: »

No, as Jem said, accrued benefits can be taken at 60. Contributing to the new scheme has no effect on accrued bennies.

Warmest regards,
FA

Thank you for enlightening me about this. I am really pleased that my friends who are still teaching will still be able retire at 60.

jem16

Gem-gem wrote: »

Thank you for enlightening me about this. I am really pleased that my friends who are still teaching will still be able retire at 60.

Your friends will have some options if they still wish to retire at age 60.

1. Take the accrued benefits at age 60 (provided they were in the pension scheme before 2008) unreduced along with the 2015 benefits reduced.

2. Take the accrued benefits unreduced and leave the 2015 benefits until state pension age where they are unreduced.

3. Take the accrued benefits unreduced and pay a higher amount of accrual to allow taking the 2015 benefits earlier.

Probably a few other options too.