Teacher pension changes post firefighter court case

Geography_rox

Hi, I have a couple of question about the changed to the teacher pension scheme as a result of the firefighters' court case. I tried contacting TPS but their answers have been very generic and never really answered the questions themselves.

I understand that at the point of retirement I will get to choose whether the last 7 years (or so), will be counted towards final salary or career average, but given the final salary part has NPA 65 and the career average has NPA 68, if I pick the final salary option will the NPA for those 7 years' contributions also be 65? And would the option therefore be given to me at 65 rather than 68? Also, given that I have paid extra on flexibilities during those 7 years, if I pick the final salary option would those extra contributions be reimbursed?

if anyone knows the answer to these questions I'd be very grateful!

Dazed_and_C0nfused

The NPA will be whatever scheme you choose.

So if you opt for final salary then you can take the benefits at 65 without actuarial reduction (assuming NPA is in fact 65 for that scheme).

If you choose the CARE scheme then you can take the benefits at 68 without actuarial reduction (assuming NPA is in fact 68 for that scheme).

Some CARE schemes have much more generous accrual rates so you may want to look at how much you would get by opting for the CARE scheme and taking that pension 3 years early as even with the actuarial reduction it could be a better choice financially assuming normal life expectancy.

I don't recollect seeing anything that suggests any contributions would be refunded and not sure I follow your logic there, if your pensionable earnings were more in that period and you choose the final salary option then you have had the benefit of the higher pensionable earnings in that period.  Might not coincide with when you retire of course.