Teachers' Pensions - given up trying to understand.

hjd

jem16 wrote: »

What calculator is he using - the simple one on the website or is he logging into My Pension online?

The calculators are only estimates. They can't possibly work for every scenario as it will be different for everyone.



Is the correct service noted? If it is there is no reason to think it will not be correct when the time comes. The problem is that every year it will be different as each year his pension is uprated by inflation. I would be more concerned if he was given the same figures each time.

He is logging in to My Pension online.
The figures he is given vary by up to 50%. Pension figure varies from about £10k pa to £25k pa (using the same basis, ie lump sum plus pension starting @ 60). We think it should be somewhere in the middle.
They use different base years/periods each time, it seems. He has finally got in writing a list of his pay at each 6 monthly date so we can at least check it ourselves.

jem16

hjd wrote: »

He is logging in to My Pension online.
The figures he is given vary by up to 50%. Pension figure varies from about £10k pa to £25k pa (using the same basis, ie lump sum plus pension starting @ 60). We think it should be somewhere in the middle.

Well that is a bit ridiculous I agree.

They use different base years/periods each time, it seems. He has finally got in writing a list of his pay at each 6 monthly date so we can at least check it ourselves.

You'll find that quite difficult unless you have got all the PI factors for the years 1997 to 2007 when he left. You would really need a spreadsheet to work out what 3 years are going to be best or if final salary would be best.

Having worked that out you're then going toned to increase that figure from 2007 till now using RPI/CPI for appropriate years.

Good luck with it all.

hjd

jem16 wrote: »

You'll find that quite difficult unless you have got all the PI factors for the years 1997 to 2007 when he left. You would really need a spreadsheet to work out what 3 years are going to be best or if final salary would be best.

Having worked that out you're then going toned to increase that figure from 2007 till now using RPI/CPI for appropriate years.

Good luck with it all.

Actually adjusting for inflation isn't the problem - we both like spreadsheets..., and when you see the salary figures it's easy to see the best 3 years. Final salary was a lot less.

jem16

hjd wrote: »

Actually adjusting for inflation isn't the problem - we both like spreadsheets..., and when you see the salary figures it's easy to see the best 3 years. Final salary was a lot less.

No it's not quite as easy as that. You have to uprate each year with the PI factors for the last 10 years and then look to see what are the best 3 years. Have you got the relevant PI factors?

stewie1098

Would agree with most of these posts- the NASUWT use a company called Wesleyan- and yes despite me having no promotions etc in the last ten years, and so my salary only going up a few % each year the advisor said that my average best three years would not be my last three ?? as for the post suggesting I could work to 60- suggest this isn't a teacher !- I just couldn't do another year after I reach 55. The advisor suggests because of the time I had in (28yrs) the pension is still a "silver-plated one" ??- sorry about all those young teachers out their !

jem16

stewie1098 wrote: »

the NASUWT use a company called Wesleyan

Why not use an IFA rather than a tied agent if it's advice that's required?

and yes despite me having no promotions etc in the last ten years, and so my salary only going up a few % each year the advisor said that my average best three years would not be my last three ??

Mine wasn't the last 3 years. It was the years 2004/5/6

as for the post suggesting I could work to 60- suggest this isn't a teacher !

If that's referring to me then you're wrong with your suggestion. Started teaching in 1977 and retired in 2015 at the age of 58.5 with 38 years service.

As to suggesting you should work till you are 60 I didn't say that either. I did say that you would have to accept an actuarial reduction and have 5 years less service so less pension accrued. If you're happy with that then go for it.

stewie1098

Thanks- and well done on getting to 58..I have enough at 52 ..sure both would agree the jobs alot harder.

hjd

jem16 wrote: »

No it's not quite as easy as that. You have to uprate each year with the PI factors for the last 10 years and then look to see what are the best 3 years. Have you got the relevant PI factors?

The ones linked from here?
https://www.teacherspensions.co.uk/employers/training-and-resources/references/pensions-increase-tables.aspx

jem16

stewie1098 wrote: »

sure both would agree the jobs alot harder.

Certainly nothing like how it was when I started. At least you could teach the children then.

I might have waited till age 60 if it wasn't for a school decant being imminent and my best friend retiring too. Decided it was now time to go!

jem16

hjd wrote: »

The ones linked from here?
https://www.teacherspensions.co.uk/employers/training-and-resources/references/pensions-increase-tables.aspx

That should do the trick.