We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Benefitting from the TPS changes from 1st Oct
ExMugPunter
Posts: 109 Forumite
Like all teachers I presume, I've had an email saying that they are going to change the vast majority of our Career Average pension back into the Final Salary scheme. Off the top of my head, it's something like anything we accrued in the CA scheme between 2015 and April 22 will revert back.
However, they have also said that they will reset the clock with regards transferring in another pension. So we have 1 year (from Oct 1) to do so - just as if we where new entrants.
I have a small Local authority pension (only worth about 800 per year at current forecast) that I forgot to transfer when I initially joined the TPS.
So my question is, would it be worth doing it now I have a 2nd chance or leave it where it is?
Thanks in advance.
However, they have also said that they will reset the clock with regards transferring in another pension. So we have 1 year (from Oct 1) to do so - just as if we where new entrants.
I have a small Local authority pension (only worth about 800 per year at current forecast) that I forgot to transfer when I initially joined the TPS.
So my question is, would it be worth doing it now I have a 2nd chance or leave it where it is?
Thanks in advance.
0
Comments
-
What are the NRA of the local authority DB scheme and the new/reverted version of the TPS DB scheme? If (the old?) one has a lower NRA then you could draw that earlier without reduction, and either spend / save or put into a SIPP if you leave them separate.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.1K Banking & Borrowing
- 254.6K Reduce Debt & Boost Income
- 455.8K Spending & Discounts
- 247.8K Work, Benefits & Business
- 604.9K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards
