Teachers Pension Scheme

alanroe

I only have 1 year and five days service in TPS. They are making life almost impossible to transfer into a SIPP even though I can't have any benefit from TPS. My Transfer Value has halved between 2018 and now for some unknown reason - from 8k to 4k. Is this normal?

Would I be better off trying to find a few hours a week and rejoining for a year in a TPS university? I am 64 and still worknig and paying into USS (but cannot transfer it there either).

Alan

xylophone

I only have 1 year and five days service in TPS. They are making life almost impossible to transfer into a SIPP 

How almost impossible?
https://www.teacherspensions.co.uk/members/resources/forms/joining-or-leaving-the-scheme.aspx

If you haven’t qualified for a pension in the Teachers’ Pension Scheme you can still transfer the value of the benefits accrued to date to another scheme, if you’ve got at least three months of qualifying service, including to money purchase schemes.

To find out more about transferring out of the Teachers' Pension Scheme please visit our 'Leaving Pensionable Employment' factsheet. If you still wish to transfer your Teachers' Pensions benefits to another Scheme, please complete this form.

My Transfer Value has halved between 2018 and now for some unknown reason - from 8k to 4k. Is this normal?

This is pure guesswork but I wonder if one figure is a transfer of employer and employee contributions and the other just a transfer of your contributions?

Have you asked the question of the administrator?

Marcon

xylophone said:

This is pure guesswork but I wonder if one figure is a transfer of employer and employee contributions and the other just a transfer of your contributions?

Have you asked the question of the administrator?

Or possibly one figure is a transfer to another scheme (which would include employer contributions), whereas the lower figure is a refund of contributions (which would be your own contributions less a tax charge to reflect the tax relief you received at the time you made the contributions).

hyubh

Marcon said:

xylophone said:

This is pure guesswork but I wonder if one figure is a transfer of employer and employee contributions and the other just a transfer of your contributions?

Have you asked the question of the administrator?

Or possibly one figure is a transfer to another scheme (which would include employer contributions), whereas the lower figure is a refund of contributions (which would be your own contributions less a tax charge to reflect the tax relief you received at the time you made the contributions).

That sounds much more likely given the 4K figure (and TPS contribution rates) - employee contributions net reclaimed tax relief, but with interest to date. The transfer amount wouldn't have fallen, the underlying discount rate (SCAPE) has actually been tightened since 2018.

alanroe

xylophone

How almost impossible?
https://www.teacherspensions.co.uk/members/resources/forms/joining-or-leaving-the-scheme.aspx

If you haven’t qualified for a pension in the Teachers’ Pension Scheme you can still transfer the value of the benefits accrued to date to another scheme, if you’ve got at least three months of qualifying service, including to money purchase schemes.

To find out more about transferring out of the Teachers' Pension Scheme please visit our 'Leaving Pensionable Employment' factsheet. If you still wish to transfer your Teachers' Pensions benefits to another Scheme, please complete this form.

Because I have had to correspond by letter, email, whasapp and telepone and most of the time they give themseves another 10 days to reply - usually with the wrong advice. In theory the process is simple but in reality it swings between incompetent . obstructive or silence. They delete tasks which have not bee completed online and make it gard to know what you are entitled to do - for example, to transfer into a SIPP.

alanroe

xylophone

This is pure guesswork but I wonder if one figure is a transfer of employer and employee contributions and the other just a transfer of your contributions?

Have you asked the question of the administrator?

It is difficult to ask if I have no idea of the question. I assumed the value in my pension is what both myself and the employer paid in. my contributions were £1500 and they were quite keen to pay me that but the 2018 transfer value was over 5 times that. maybe because I can only pay it into a SIPP it provides them with an opportunity to fleece me?

xylophone

I assumed the value in my pension is what both myself and the employer paid in. my contributions were £1500 and they were quite keen to pay me that but the 2018 transfer value was over 5 times that. maybe because I can only pay it into a SIPP it provides them with an opportunity to fleece me?

You have seen the comments of other posters above concerning the valuation?

I can't see why the administrators should wish to fleece you.

make it gard to know what you are entitled to do - for example, to transfer into a SIPP.

The information referenced in my post above seems quite clear.

https://www.teacherspensions.co.uk/-/media/documents/member/factsheets/joining-or-leaving-the-scheme/leaving_pensionable_employment.ashx?rev=36f0b7dd7e5a4a5b83ee410af2c3c4e3&hash=9714FF9CC0D955862AA60F9EF66FEE96

1. Transfers can only take place if your new scheme is registered with Her Majesty’s Revenue and Customs (HMRC). You can’t transfer your benefits to a defined contribution scheme, unless you have not qualified for benefits but have three months service with the Schem

2. If you’ve not qualified for benefits because you have less than two years pensionable service currently, you can have a repayment of your contributions. If you were already in receipt of benefits from the Scheme you can’t have a repayment, but will receive additional benefits. Where you receive a repayment there will be deductions for tax and National Insurance. Before you can request a repayment, you must have been out of service for more than a month and you won’t be able to restore the service in the future. 

You don't want a refund of contributions.

You have not qualified for benefits but have more than three months membership so CAN transfer to a DC Scheme - personal pensions/ stakeholders/SIPPS are all DC schemes.

Did you ever complete this form?

https://www.teacherspensions.co.uk/-/media/documents/member/applications/joining-or-leaving-the-scheme/transfer-out-form.ashx?rev=6c4dcb16ce7a41ea8f3807b1c53654ca&hash=E3A6E64DC735B93BD221963151BB4E7A

alanroe

Yes. I have completed all the forms. Been advised to talk to money helper twice - who have said I have no need to consult them. And now have spent 24 days waiting for them to respond to my request to explain the loss in value of the transfer value. I have read all the links previously and used emailed, posted (recorded delivery 3 times), phoned 5 times, and whatsapp on more than a dozen occations since 14th January.  Today they have simply said 'we have no further updates'. It is deliberately obstructive and unhelpful. Whether that is incompetence or negligence is anyones guess If it works for you then that is great but I have made next to no progress since 19th January.

xylophone

Yes. I have completed all the forms. Been advised to talk to money helper twice - who have said I have no need to consult them. 

You completed the form and no action has been taken.

You are dissatisfied with the level of service received.

Go back to Money Helper with a request for assistance with making a formal complaint.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems/dealing-with-pension-problems-and-making-a-complaint

Defined benefit pensions

If your employer operates a defined benefit pension (such a final salary or career average pension), by law they must have a formal complaints procedure.

:If you find that you’re not happy with an aspect of your pension scheme, you should raise your issue with the scheme administrator.

Administrators run the scheme and will know all the rules and how these apply to you. 

If they can’t resolve the problem and they've been unable to explain why something is as it is, or if you feel they aren’t dealing with it properly, then you can look to escalate your complaint through your scheme’s Internal Dispute Resolution Process (IDRP).

If you can’t resolve the issue in this way, contact us – details are below.

If that doesn’t solve the problem, contact the Pensions Ombudsman on 0800 917 4487.

alanroe

Thanks. It has been quite drainig at a very bad time for me and my family. So, sorry if I sound churlish.

xylophone

So, sorry if I sound churlish.

Not churlish, just fed up - which is understandable if you are unable to obtain timely, accurate answers to your questions.