Teachers Pension Final Salary or Average

Stevero

Hi. I am a protected member of the TPS and have around 35 years. The statement states that it is 80th final salary but further down it shows best average salary (revalued using salary B method. Not sure what this means). The best average salary period is shown from August 2007 to July 2010. The revalued salary B is also higher than my FTE. Would it be better to freeze my pension now before that best average is older than 10 years, ie 2020 or is it better to leave in. My FTE pay has been going up by the 1% pay rises over the last couple of years.
So I am confused. Is it Final Salary or Best Average which is somehow higher using salary B.
I am planning to retire in December 2018 and take the pension.
Thanks in advance

Sun-Is-Fun

Congrats on making it to 35 years in teaching; that is some achievement nowadays !

My other half is in a very similar situation to you, albeit retiring about 7 years later than yourself. She has a much larger revalued b salary from 2008-2011, when she took promotion.

She is now on a much lesser wage and position (but less stress) and I am concerned that she may lose out on the best three consecutive years in ten rule. I do not know whether it would be best for her to continue paying into the scheme for the next 8 years or come out to protect her higher salary from nearly 10 years ago ???

The revalued salary b is higher than your present salary because that takes account of inflation over that time period from 2007 (in your case) to present. It shows how much teacher's actual wages have been eroded with the 1% pay cap over the last few years when taking into account inflation.

Were you on a much bigger wage or position in 2007-2010 compared to today? If you were, it might be useful to freeze your pension now, so it is based on those salaries.

However, if you were a bog standard class teacher then and now, given that you plan to retire later this year and are a protected member, I think any change for you would be minimal. Perhaps phone teacher's pension to ask?

If you do find out anything new, I would be grateful if you could let me know.

Stevero

No. I was on a lower rate then compared to mt current (FTE), so don,t understand how it can be higher. Its about 1k higher than my FTE pay now and 5k higher than in 2010. I am hoping a TPS expert will be able to answer this dilemma for us.