Teachers' Pensions?

orwen

Hi,

I am due to retire next week but had heard nothing from Teachers' Pensions [TP], so a week ago I wrote them to remind them. TP had already sent me a full pension forecast last year. Today I received a raft of forms in the post [Age app / Oct 2015] and why weren't these sent out to me months ago? There's 11 pages to get through and a lot of tricky clauses and sub-clauses with tick boxes to negotiate. Nightmare. TP already have all my information which I had to submit for the forecast, much of this data is now being requested back, by the same people who issued it out in 2015. Talk about bureaucracy.

Due to MSE I discovered I retired at 60 instead of 67. I was my mother's carer and she suddenly and tragically died early last year, leaving me high and dry. It was considered that mum would live for at least another 10 years (by which time I would have achieved state pension age) but she developed a condition which was not picked up by her GP or indeed the regional hospital which I had been taking mum to for unrelated check-ups.

Thus, I have been pretty much living on air for the past 7 months or so, and am very much looking forward to at last seeing some regular income arriving in my bank account - and am now faced with the additional hurdle of TP form Age app / Oct 2015. Can anyone help please?

When I first looked at the form I thought 'well just fill it in' but TP warn you that anything you write in it will be binding - for all time - and so I don't want to make any mistakes. Such a serious set of forms and they wait till the 11th hour before issuing them, and that only after I formally write to them. What would have happened if I hadn't written to them?

Help and advice appreciated.

Thanks.

missbiggles1

I can't help but I do sympathise.

I get a teacher's pension, as did my late husband, and when he died in October last year the TPA was the single most difficult organisation to deal with. They wouldn't accept the French death certificate, sent ambiguously worded letters and as for waiting for them to answer the phone!

It's now nearly 5 months since he died and I still haven't received a penny of my widow's pension nor been notified in writing of what my long term pension will be from them!

I wish you better luck with them than I've had.

orwen

Goodness! - sorry to hear about your situation.

The form is ambiguous, I had 'back years' included in my pension scheme while teaching. I left the Local Authority relevant to TP some years ago, so I don't know if their question about back years covers the past or the present, as if I were still within the TP scheme up until next week when I retire?

Examples of what I am unsure about:-

Part A4. "If you have bought..." do you want "Additional Pension Elections" [back-years?] to go into the lump sum? I'd say no, I don't want to fine the monthly payment down, this will be my only appreciable income for some time.

Then section 5.2 asks for the value of all annual pensions under something called "Lifetime Allowance (assessment)" and I don't know what that is - does it even apply to me? My state pension hasn't come in yet, it won't be due for 7 years. There is also a small SIPP, do they want that factored in as well? I just don't know what they are asking of me.

I'm wondering if I should take the 11 paged TP form along to a Financial Advisor? This means the forms will not be back to them by my retirement birthday date, this is despite being in contact with TP recently and several times last year; and despite the fact they have all my details already and have made a retirement forecast for me in 2015, what was the point?

xylophone

week ago I wrote them to remind them.

It might have been better to do this at least a month ago.

If you are deferred and on the pre 2007 scheme, are you being offered the automatic lump sum and a monthly pension?

https://www.teacherspensions.co.uk/reform/members/at-a-glance.aspx

xylophone

It's now nearly 5 months since he died and I still haven't received a penny of my widow's pension nor been notified in writing of what my long term pension will be from them!

Have you made a formal complaint?

https://www.teacherspensions.co.uk/public/contact-us/member-complaints-and-appeals.aspx

xylophone

Then section 5.2 asks for the value of all annual pensions under something called "Lifetime Allowance (assessment)" and I don't know what that is - does it even apply to me? My state pension hasn't come in yet, it won't be due for 7 years. There is also a small SIPP, do they want that factored in as well? I just don't know what they are asking of me.

Your SIPP provider may well assist.

https://www.teacherspensions.co.uk/members/forms/applying-for-retirement.aspx

Regarding claiming your pension

"If you've reached your Normal Pension Age (NPA) and wish to claim your benefits, please complete this form. It's worth returning this to us 3 to 6 months before the date you want to retire to ensure your benefits are paid to you on time. You can also complete this form online"

Some fact sheets are available.

kidmugsy

orwen wrote: »

Then section 5.2 asks for the value of all annual pensions under something called "Lifetime Allowance (assessment)" and I don't know what that is - does it even apply to me? My state pension hasn't come in yet, it won't be due for 7 years. There is also a small SIPP, do they want that factored in as well? I just don't know what they are asking of me.

Your future State Pension is irrelevant here. What they want to do is check whether your TP's nominal capital value - which they will work out - plus the value of your SIPP, add up to more than the Lifetime Allowance, which is currently £1.25 million.

Is your SIPP recent enough to have an attached percentage of Lifetime Allowance attached to it? Check your paperwork to see.

xylophone

Another thought- jem16 is very knowledgeable regarding the scheme and a PM to her may yield useful information?

https://forums.moneysavingexpert.com/discussion/comment/70222061#Comment_70222061

post 40 gives her details.

orwen

xylophone wrote: »

It might have been better to do this at least a month ago.

I'm sorry. Their forecast for me is dated June 2015 and I retire in March 2016 thus I was in contact with them 9 months before my retirement. I therefore presumed, wrongly, that my pension would begin this March without further administration. I became suspicious through February when I head nothing, and so I wrote to them on February 17th, almost a fortnight ago.

If you are deferred and on the pre 2007 scheme, are you being offered the automatic lump sum and a monthly pension?

https://www.teacherspensions.co.uk/reform/members/at-a-glance.aspx

"Protected member – If you are a member who was active immediately before 1 April 2012 and were within 10 years of your normal pension age (NPA) in the final salary arrangement on that date. You will remain in final salary."

I began my TP pension teaching in 1989 and left the Local Authority in 2002, continuing work as a supply teacher. I take it then that I am a 'protected member' ?

The TP forecast speaks in terms of being offered an automatic lump sum and a monthly pension, yes. That was all I was expecting.

Many thanks.

AnotherJoe

Is there not a teachers union that can provide help with these questions ?

orwen

xylophone wrote: »

Your SIPP provider may well assist.

https://www.teacherspensions.co.uk/members/forms/applying-for-retirement.aspx

Regarding claiming your pension

"If you've reached your Normal Pension Age (NPA) and wish to claim your benefits, please complete this form. It's worth returning this to us 3 to 6 months before the date you want to retire to ensure your benefits are paid to you on time. You can also complete this form online"

Some fact sheets are available.

Thank you. That could helpfully have been said to me 9 months ago by TP. My earlier post may address several issues as well. To be fair to myself, I have meanwhile been contending with grief plus solicitor's letters from disgruntled relatives over my late mother's Will, quart into a pint pot in other words.