Teachers' Pensions - given up trying to understand.

jshea1571

I'm still bewildered as to what I'm supposed to do with two pensions with two NPAs! I'll get around 10k a year when I'm 60, some more when I'm 65 and then (!) a state pension when I'm 67.

I'm looking to retire between 55-60 and need to choose whether to take this reduced NPA for the second pension or to put money into AVCs or, it seems other second pension providers?

Whilst it might seem straight forward to some, not having any actual buttons to click, options to select and having to have two pensions each with their own forecasts is overwhelming. The website offers no ability to opt in or opt out even though their literature says you should opt in or opt out (for accelerated pension contribution). You can't click a button to say - AVCs, so much per month - please sign me up.

I had a perfectly good pension. They took this away and now teachers are leaving in droves. At some point I am fairly sure they will realise that these transition members are all voting with their feet from the profession.

jem16

jshea1571 wrote: »

I'm still bewildered as to what I'm supposed to do with two pensions with two NPAs! I'll get around 10k a year when I'm 60, some more when I'm 65 and then (!) a state pension when I'm 67.

A lot of people have multiple pensions. As far as the teaching pension is concerned, you can have the whole lot at the same time if you're happy to accept a reduction.

I had a perfectly good pension. They took this away and now teachers are leaving in droves. At some point I am fairly sure they will realise that these transition members are all voting with their feet from the profession.

You still have a perfectly good pension and I certainly haven't seen teachers leaving in droves from the profession simply because they have introduced a new pension scheme.

hyubh

jshea1571 wrote: »

I'm still bewildered as to what I'm supposed to do with two pensions with two NPAs! I'll get around 10k a year when I'm 60, some more when I'm 65 and then (!) a state pension when I'm 67.

This is very simple compared to the pension situation of many private sector workers your age and younger.

I'm looking to retire between 55-60

OK OK, don't rub it in...

I had a perfectly good pension. They took this away

Wrong, the 2015 TPS is still vastly superior to most pensions in the private sector.

At some point I am fairly sure they will realise that these transition members are all voting with their feet from the profession.

If that's the case (which I doubt, but maybe it isn't), then clearly a super-generous DB pension hasn't done it's job (namely, employee retention), and it should be closed as soon as possible because it's just wasting current and future taxpayers' money.

gardener_ruth

I'm 60 and a protected member, so best 3 years out of final 10 are applicable.

I'd like to reduce from full time to 0.75 contract this year, but want to know how this would affect my pension. Aim to retire fully in a couple of years. Rang the TPS but they can't definitely tell me, quote,"it shouldn't do", "I don't think it will." Any ideas how I can find out the definitive answer please?

Many thanks.

jem16

gardener_ruth wrote: »

I'm 60 and a protected member, so best 3 years out of final 10 are applicable.

It's applicable to everyone regardless of protection or not.

I'd like to reduce from full time to 0.75 contract this year, but want to know how this would affect my pension. Aim to retire fully in a couple of years. Rang the TPS but they can't definitely tell me, quote,"it shouldn't do", "I don't think it will." Any ideas how I can find out the definitive answer please?

Many thanks.

Are you intending using the Winding Down scheme or just going part-time?

If Winding Down then your pension would be calculated on your current salary but you would still receive one year of service for each part-time year.

If simply going part-time then you would receive 0.75 of a year's service rather than a full year but your pension would be calculated on either the best 3 years in the last 10 or final salary depending on which is higher.

You would need to find out which is best for you.

System

As a teacher myself I am finding the comments and the apparent inability of the poster to understand the responses given to their questions rather embarrassing. For goodness sake read through the TPS site. I have always found it very informative and telephone conversations helpful.
The Teachers pension is very good and needs to be recognised as such. Just entering my 35th year in the profession and realise how important it will be in my retirement.
So to the poster stop whinging and get yourself sorted!!

hjd

excelpaul wrote: »

As a teacher myself I am finding the comments and the apparent inability of the poster to understand the responses given to their questions rather embarrassing. For goodness sake read through the TPS site. I have always found it very informative and telephone conversations helpful.
The Teachers pension is very good and needs to be recognised as such. Just entering my 35th year in the profession and realise how important it will be in my retirement.
So to the poster stop whinging and get yourself sorted!!

As you will see if you read all the thread, the TPS website does not have all the information required and its calculations are known to be incorrect in certain cases. No doubt the staff are good, but the ones we have dealt with knew their information was inaccurate but didn't know how to find out the correct information.
Yes, the benefits are excellent but the system is not perfect.

Credit-Crunched

excelpaul wrote: »

As a teacher myself I am finding the comments and the apparent inability of the poster to understand the responses given to their questions rather embarrassing. For goodness sake read through the TPS site. I have always found it very informative and telephone conversations helpful.
The Teachers pension is very good and needs to be recognised as such. Just entering my 35th year in the profession and realise how important it will be in my retirement.
So to the poster stop whinging and get yourself sorted!!

OP is probably too busy preparing for the forthcoming academic year during their summer holidays!

MMCG_2

I received a letter today, dated 19 June from Pensions Dept of my teaching employer. I read it with interest as I was unaware of Faster accruals and buyouts. Although it did state that for the current year I was to notify them within a month of 1/4/15, (note dates above for sending and receiving) to take advantage of faster accruals, I'm wondering at 45 now, how beneficial it would be to take both buyouts and faster accruals. By my calculations I may have to pay 5.36% of my salary each month to avail. I have been employed full time since Sept 92. I have tried calling my employer, and the person in charge of this is on holiday. Any advice or pointers appreciated.

System

Credit Crunched.
Yes I am doing that too! Spent last few days finalising scheme of work for new A levels due to start in September. However still able to keep up to date with finances!!