Worth doing?

AnotherJoe

Dox wrote: »

Perfectly easy to check on the scheme's website - and what OP says is accurate.

What you say is also accurate. It used to be how the TPS operates, but that is no longer the case.

Dox, are you saying that the Teachers Pension Website Glossary is incorrect regards how part time working is catered for?

xylophone

Perfectly easy to check on the scheme's website - and what OP says is accurate.

The OP said

My wife is a part-time teacher and opted out of her DB scheme last November because she plans to retire in the next 12-24 months and the teachers scheme DB's are based on the last 10 years of contributions. Continuing in a part time capacity would have eroded her DB's.

It would appear (from posts 5 and 8) that the OP's post may not have been wholly accurate?

And it is always worth checking with the administrator (and I'd do it in writing) one's understanding of scheme rules - it could avoid expensive mistakes.

What you say is also accurate. It used to be how the TPS operates, but that is no longer the case.

And so what? The OP actually said was

In a number of schemes a number of years ago,

xylophone

https://www.teacherspensions.co.uk/members/planning-retirement/calculating-benefits.aspx

AnotherJoe

xylophone wrote: »

https://www.teacherspensions.co.uk/members/planning-retirement/calculating-benefits.aspx

That doesn' mention (AFAICS) the issue discussed here regarding part time working.

LHW99

My experience is a good number of years ago, so may not be relevant, but -

if you worked say 50% part time then:
a) your 'years multiplier' (1/80 in those days) would go up 1/2 year for a full year's part time employment (other proportions would work similarly).
b) The total number of years (1/80's) earned by full time (1 year = 1 'year multiplier') plus part time (1/2 year for each tear worked in this example) work would be calculated at the time of finally leaving employment (at retirement or before).
c) That total was used to calculate pension as:
1/80 x 'total years multiplier' x best 3 year average salary in preceding 10


d) If this was deferred, rather than drawn at retirement, then the result would be increased according to whatever rule was in play at the time (RPI / CPI etc) until NRA

xylophone

That doesn' mention (AFAICS) the issue discussed here regarding part time working.

Scroll down to FAQ.

xylophone

https://community.tes.com/threads/part-time-and-pension.765507/

may also be of interest.

AnotherJoe

Dox wrote: »

Perfectly easy to check on the scheme's website - and what OP says is accurate.

No, it isn't it's clearly wrong.

Sue_S

Please be very careful before opting back in. My sister has left the TPS because if she'd remained she'd have lost 2008 from her "best in 3" calculation. Due to high inflation/RPI/CPI increases that was one of her best years. She would have paid into the pension scheme all year and ended up having paid a full year's contributions to get her a lower pension!

Speak to the TPS before making any decision and don't blindly opt back in as some posters have advised.

Happymonday

Thanks everyone and she is going to ask for a written response. She actually held a promoted / higher paid role 10 years ago but then then took a lower grade purely teaching role. This was the main reason for opting out. However, she is planning to speak directly with them on Monday.