Forced out of the TPS

hyubh

Fermion wrote: »

According to the House of Commons Library it is not a true DB pension scheme but a notional scheme.

The fact the TPS is unfunded ('pay as you go') doesn't make it less of a DB scheme.

The problem with this particular scheme is that there is history or mismanagement. Schools were allowed or even encouraged to let under performing Heads and Senior Managers retire early with significantly enhanced pensions.

There was (is) a thing called 'compensatory added years'. The cost isn't added to the notional pension liability, but directly recharged to the old employer as the additional pension is paid out. In fact, Teachers Pensions don't even manage the payments (the LGPS administrator normally does).

The schools didn't care because they weren't managing the TPS pension fund.

There is no fund. The problem of cost is the mass of ordinary pensions, not early retirements.

If private schools decide to withdraw from the TPS then I suspect they will suddenly find it difficult to fill these posts.

Then, supply and demand, they will need to pay higher salaries, and private school teachers will be free to put the excess into a personal pension.

Hansfordt

Due to acadamisation, and after 29 years in the TPS, our (new) trust has signed us up with the Greater Manchester Pension Fund. What are the dangers of transfering my TPS pension across? Will the McCloud case changes still apply if I am still teaching? Thinking about retiring at 60.

Marcon

Hansfordt said:

Due to acadamisation, and after 29 years in the TPS, our (new) trust has signed us up with the Greater Manchester Pension Fund. What are the dangers of transfering my TPS pension across? Will the McCloud case changes still apply if I am still teaching? Thinking about retiring at 60.

Start a new thread with a new title - you're more likely to get help that way.

IAMIAM

Leave TPS as it is, start a new one with Manchester.

IAMIAM

Marcon said:

Hansfordt said:

Due to acadamisation, and after 29 years in the TPS, our (new) trust has signed us up with the Greater Manchester Pension Fund. What are the dangers of transfering my TPS pension across? Will the McCloud case changes still apply if I am still teaching? Thinking about retiring at 60.

Start a new thread with a new title - you're more likely to get help that way.

Typical Reply. Waste of Time.
1. Starts a new thread. Reply - Why start a new thread when there is already one discussing it?
2. Reuses an old thread. Reply - Please start a new thread, you will more likely get a reply.
Conclusion : Do what the hell you want.
The End 

mgdavid

ITypical Reply. Waste of Time.
1. Starts a new thread. Reply - Why start a new thread when there is already one discussing it?
2. Reuses an old thread. Reply - Please start a new thread, you will more likely get a reply.
Conclusion : Do what the hell you want.
The End 

what an odd response; it's invalid IMO as your option 1 is written in the present tense yet the existing thread is 2 years old so hardly current.

IAMIAM

Option 1 written in wrong tense, clearly means invalid statement.
2 Years old thread vs 2 min old thread, same topic, who's looking at dates. You.
Yes, a very odd response. 

TVAS

You are looking at it the wrong way. You have had a good run. Pensions are expensive and an employer has to pay a lot of money which is why they are switching to a personal pension. You have not said how much they are prepared to contribute to the new scheme. They could have increased your contribution but I bet you would not have wanted to pay the extra amount to fund your own retirement. If you don't like it. Leave. 

OldBeanz

Hansfordt said:

Due to acadamisation, and after 29 years in the TPS, our (new) trust has signed us up with the Greater Manchester Pension Fund. What are the dangers of transfering my TPS pension across? Will the McCloud case changes still apply if I am still teaching? Thinking about retiring at 60.

No real danger as both are good schemes. You need to come back here (new thread or not) when you are given the figures. Risk of payment date slippage, depending on age and scope for AVC advantage of LGPS.

hyubh

Hansfordt said:

Due to acadamisation, and after 29 years in the TPS, our (new) trust has signed us up with the Greater Manchester Pension Fund. What are the dangers of transferring my TPS pension across? Will the McCloud case changes still apply if I am still teaching? Thinking about retiring at 60.

This is a very different situation to the OP and should really have its own thread. Can you clarify however? 'Academisation' does not mean exit from the TPS, since teachers at academies (being state schools) are auto-entrolled into the TPS in exactly the same way teachers at LA maintained schools are. Further, the rules about eligibility for the TPS vs. LGPS are exactly the same - if a state school employee is not eligible for the TPS, they are eligible for the LGPS. Conversely, someone eligible for the TPS is *not* eligible for the LGPS.

(The OP's situation, in contrast, was of their employer - not a state school - *voluntarily* participating in the TPS historically. It would make no sense whatsoever to withdraw from the TPS on cost grounds only to join the LGPS as an admission body - aside from not being any cheaper, the accounting requirements are much tougher.)

On McCloud, there's no loss of rights if you transfer between public sector schemes, though the precise details of how it will work for Club transfers into the LGPS are to be decided (for the unfunded schemes the 'deferred choice' option will apply, for the LGPS you just get the better of the respective pension accruals, so a Club transfer involving 2015-22 service might bring in 'deferred choice' by the back door for the members concerned).