Teacher’s pension salary of reference?

MazzaMan

Does anyone know where I can find the salary of reference for a teacher?
on the Teachers pensions website it says it can be found in the ‘Award papers’, what the heck are award papers?
I’ve sorted my own pension but I’m now trying to get my head around my wife’s before she takes phased retirement in a years time. It’s a good job that we’ve got a year as pensions are complicated enough but the teachers pension with its acronyms and made up terminology is another level!

[Deleted User]

If your wife takes phased retirement and the rest of pension before her scheme retirement age the salary of reference doesn’t apply. That is your wife can earn whatever she likes after retirement. There will be no pension abatement. 

mark55man

My OH used to be a teacher.  We have found the TPS website very helpful for all sorts of information.  When we have not been able to resolve, the help/support desk have usually got back very quickly even on unusual subjects (eg moving LGPS into it)

Another poster will be along with more direct help I am sure, but the website was comprehensive..  

MazzaMan

Her FS pension NPA is 60, we believe it is a good idea to work part time 4 days a week so she can take her FS pension and carry on working part time? From what we have read you can only earn 80% of your previous years income if you intend to take your pension? Her Career average will be payable at 67.

[Deleted User]

That is correct. I reduced mine by giving up my senior roles at 55. Took 50% of pension and lump sum then too. Took the rest at 58. At 61 was able to add another £600 additional pension a year owing to working part - time and paying in again until I was 61. I am still working about 0.4 but no longer contribute to pension. I will finish completely by August this year. Pension is about £21000 a year. My NPA was 60. As I took a pension before this my earnings are not restricted. In any case my salary of reference was quite high. From 58 I paid into career average. That’s how I got  the additional £600 a year. I could have left it to 66 but it was more use to me now. So it was reduced a bit. However I have state pension at 66 so will be more than fine.

[Deleted User]

If your wife takes phased retirement I think the maximum pension she can take for first phase is 75%. this may have changed with career average scheme.

MazzaMan

I was just wondering if earning 80% of her previous years income plus her FS part (even 75% of it) of her pension will take her above the ‘salary of reference’

[Deleted User]

As I said I don’t think it is applicable with phased before NRA or NPA 🙂

MazzaMan

She will be at NRA (60) for the FS part of her pension.

[Deleted User]

 Check that you are permitted to separate them.

paulstevenjones

MazzaMan said:

Her FS pension NPA is 60, we believe it is a good idea to work part time 4 days a week so she can take her FS pension and carry on working part time? From what we have read you can only earn 80% of your previous years income if you intend to take your pension? Her Career average will be payable at 67.

You cannot get the CA pension separately. It will be paid when you retire from FS and reduced accordingly.