Teachers' Pensions?

xylophone

That's exactly what they sent me - and with nothing to fill in.

As here? post 18 https://forums.moneysavingexpert.com/discussion/5244566

atush

orwen wrote: »

Thanks, I am in fact a member of the NUT but they have been very little use to me as a teacher I am sorry to report.

Have you actually called them and asked for help with these forms?

orwen

atush wrote: »

Have you actually called them and asked for help with these forms?

Negative, the forms arrived today. I sat down to fill then in then realised I didn't understand some of the questions I was being asked. I will phone them tomorrow. Thanks.

jem16

orwen wrote: »

The form is ambiguous,

Ok - let's see if I can help here. Unfortunately as others have said, the onus was on you to apply 3/4 months before retirement date but let's get it sorted now. At this time of year they are not as busy as the main Summer period but it will still take a few weeks.

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?

It covers any time that you were in the scheme.

Had you full paid those back years? In other words what I mean is did you pay for it in a lump sum or were you paying for them monthly?

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.

I chose No and your reasoning sounds good to me. You want the maximum pension.

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.

State pension doesn't enter into this at all so ignore it. Your SIPP does - to be honest from what you've said earlier you're nowhere near the LTA so can safely choose No.

'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?

I doubt a financial adviser is needed.

Any other questions then ask me either in a PM or here. I filled this in just over a year ago.

orwen

xylophone wrote: »

As here? post 18 https://forums.moneysavingexpert.com/discussion/5244566

Yes, I had to re-register at MSE due to waving goodbye to my old ISP.

jem16

orwen wrote: »

Yes, I had to re-register at MSE due to waving goodbye to my old ISP.

There was no need to re-register. You could just have updated your email address.

LHW99

It would be worth registering on the Teachers' Pension website, because you can then check that they have your years of service correct.
Also, you mention that you did supply service after 2002 - was this pensionable? I did some supply service in the 1980's, and opted for all part time work to be pensionable. I think the requirement to opt-in was removed at some point, and all service became pensionable, but I'm not absolutely sure.
If yours was counted, it will add a little to the benefits.

orwen

jem16 wrote: »

Ok - let's see if I can help here.

I doubt a financial adviser is needed.

Any other questions then ask me either in a PM or here. I filled this in just over a year ago.

Thanks I will PM.

orwen

jem16 wrote: »

There was no need to re-register. You could just have updated your email address.

I now know this - Windows 10 didn't help either, it is non-compatible with the new ISP email programme - but that is decidedly a separate issue. Many thanks for your help - it has been a long journey and the going is still in progress.

jem16

orwen wrote: »

Thanks I will PM.

Answered now.