Teachers Pension Revaluation on Retirement

hyubh

Organgrinder said:

Fabulous thank you. 

It didn't make any sense to me that someone with exactly the same length service retiring at end August could end up with a significantly different pension to someone retiring at end April following the annual increase the following April. (At today's rates we're talking £600 a year or so on a £20k pension).

Eg if there was no revaluation the teacher who retired in August at today's figure would see a rise to £21,178 whereas the teacher who retired in April would see £21,851. That's quite a difference.

Is the same true for the NPA65 60ths scheme as well as Career Average?

Sorry, I'm not sure what you're referring to - the concept of in-service revaluation doesn't apply to the final salary schemes. The final pay calculation will be relative to date of leaving (rather than, for example, the last day of accruing reckonable service in the final scheme before moving to the CARE scheme).

Organgrinder

That's what I needed to know.  That the final pay calculation will be relative to date of leaving. Thank you.