TPS Pension (buy out retirement age)

anotherday1974

I have the option of paying extra into my teachers pension scheme to reduce my NPA from 67 to 65. Just received an email about this time limited option. 

I am aware that members can claim a reduced pension 10 years early. So the career average scheme allows an early pension to be claimed at 57.

If I pay extra to reduce my NPA from 67 to 65. Does this then give me the option of claiming a reduced pension from 55 rather than the default 57 in the post 2015 scheme? 

• Buy-out the actuarial reduction that’ll be made to your career average benefits if you decide to retire before reaching your Normal Pension Age.

hyubh

anotherday1974 said:

I am aware that members can claim a reduced pension 10 years early. So the career average scheme allows an early pension to be claimed at 57.

It's not, it's currently from 55, and will be going up to 57 when covering pension legislation will raise the normal minimum retirement age from 55 to 57 (https://www.teacherspensions.co.uk/members/planning-retirement/types-of-retirement/early-retirement.aspx).

hugheskevi

anotherday1974 said:

If I pay extra to reduce my NPA from 67 to 65. Does this then give me the option of claiming a reduced pension from 55 rather than the default 57 in the post 2015 scheme? 

No.

You will still only be able to claim the pension from 57 at the earliest, but the actuarial reduction will be based on 8 years (from 65 to 57) rather than 10 years.