Moving to Teacher Pension Scheme - Transfer in

nufc_fan

I am moving to the TPS from a private scheme where I have a transfer value of £24000.

I am 30 years old and joining the TPS for the first time on a salary of approx £47000.

I will obviously joining the TPS on the 1/57th basis that new starters get.

Is it worth transferring my current pot in? What will I get for it? How do I find this out?

I know this is no replacement for an IFA but generally a good idea?

jem16

nufc_fan wrote: »

Is it worth transferring my current pot in?

Quite possibly. Is it another DB scheme?

What will I get for it? How do I find this out?

Fill out the appropriate forms and send to the TPS. There's no obligation to proceed.

jamesd

Is the private scheme defined benefit like TPS or defined contribution?

One interesting option can be to have defined contribution pensions and TPS so that you can use the defined contribution pension to retire before the normal retirement age of TPS without having to take the TPS early and suffer an actuarial reduction.

nufc_fan

It is not a DB scheme.

I did think about keeping it and having the prospect of being able to take it early and perhaps allow earlier retirement, however as it is not a massive pot I am unsure if it will make a significant difference compared to buying years in the TPS>

jem16

nufc_fan wrote: »

however as it is not a massive pot I am unsure if it will make a significant difference compared to buying years in the TPS>

Once you've joined the scheme, complete the form as it's the only way to find out.

Form available here;

https://www.teacherspensions.co.uk/members/forms/joining-or-leaving-the-scheme.aspx