Teachers Pension Refunds before 2016

dunstonh

Hey_Jude_UK said:

dunstonh said:

Does anyone know how I can claim this money back / transfer it to a different pot? 

The letter says you will retain benefits in the TPS and you cannot have a refund of contributions.

Before initially applying for a refund, I was told I could not have a statement and was not entitled to benefits from TPS as I had less than two years service so I do not understand the contradictory info. 

That is the default.  However, because of the changes in contracting out, that window of opportunity has gone.   However, that is a good thing as transfer values are typically around 8-10 times higher than refunds.

xylophone

I wonder could you clarify how old you are and what other (and what type DB/DC)) pensions you hold.

Are you currently contributing to a pension?


Have you read the link in my post above?  The "two year rule" is mentioned but what is clear from the letter you have received is

that in your case it  has been waived so that you do indeed have a deferred pension within TPS.

This being the case, the link sets out the situation with regard to transfer out of the scheme.



I wonder would it be possible to register here

https://www.teacherspensions.co.uk/sitecore/content/shared content/general/tasks/webforms/registration

https://www.teacherspensions.co.uk/members/faqs/your-benefit-statement/supporting-information.aspx

Or request a deferred benefits statement.

Hey_Jude_UK

Silvertabby said:

The dates quoted in the letter (11 Jul 13 to 31 March 16) are more than two years.  Are these dates wrong?

It’s two years service and I only had 1 year 188 days so was told I didn’t qualify for any benefits and requested the refund. 

Silvertabby

Hey_Jude_UK said:

Silvertabby said:

The dates quoted in the letter (11 Jul 13 to 31 March 16) are more than two years.  Are these dates wrong?

It’s two years service and I only had 1 year 188 days so was told I didn’t qualify for any benefits and requested the refund. 

You need to query that.  However, if TPS still maintain that you have vested benefits and so are not eligible for a refund, then that's a much better option for you.

A refund would only be based on your own contributions (your employer contributions would be forfeit) less your NI rebate less tax.  2 years of actual pension benefits, however, will be way higher.

Silvertabby

Note:  If you worked less than full time, then your actual hours would be compressed into whole time equivalent pensionable service.  But it's calendar service that counts for the vesting period.

Hey_Jude_UK

Silvertabby said:

Note:  If you worked less than full time, then your actual hours would be compressed into whole time equivalent pensionable service.  But it's calendar service that counts for the vesting period.

I worked on and off during that period as I went travelling too. It wasn’t continuous service. 

Hey_Jude_UK

Silvertabby said:

Note:  If you worked less than full time, then your actual hours would be compressed into whole time equivalent pensionable service.  But it's calendar service that counts for the vesting period.

Silvertabby said:

Hey_Jude_UK said:

Silvertabby said:

The dates quoted in the letter (11 Jul 13 to 31 March 16) are more than two years.  Are these dates wrong?

It’s two years service and I only had 1 year 188 days so was told I didn’t qualify for any benefits and requested the refund. 

You need to query that.  However, if TPS still maintain that you have vested benefits and so are not eligible for a refund, then that's a much better option for you.

A refund would only be based on your own contributions (your employer contributions would be forfeit) less your NI rebate less tax.  2 years of actual pension benefits, however, will be way higher.

I wouldn’t have taken it out at all if I was entitled to the benefits - I thought the refund was my only option. I’d requested a statement and was told I couldn’t have one as I wasn’t entitled to anything and then offered the refund. 

So, would you just leave the pension as it is now and keep the letter as confirmation? 

Hey_Jude_UK

xylophone said:

I wonder could you clarify how old you are and what other (and what type DB/DC)) pensions you hold.

Are you currently contributing to a pension?


Have you read the link in my post above?  The "two year rule" is mentioned but what is clear from the letter you have received is

that in your case it  has been waived so that you do indeed have a deferred pension within TPS.

This being the case, the link sets out the situation with regard to transfer out of the scheme.



I wonder would it be possible to register here

Or request a deferred benefits statement.

I’m 38 and have a nest pension, local government pension, civil service pension and one more. Yes I am currently paying into a pension.

i understand they waived it but I don’t understand why I was directed to a refund if that wasn’t an option and why nothing was communicated to me before the refund was processed. 

My plan was to get advice / thoughts on here and then contact TPS with my next move so help is greatly appreciated  

Sarahspangles

Hey_Jude_UK said:

I’m 38 and have a nest pension, local government pension, civil service pension and one more. Yes I am currently paying into a pension.

i understand they waived it but I don’t understand why I was directed to a refund if that wasn’t an option and why nothing was communicated to me before the refund was processed. 

My plan was to get advice / thoughts on here and then contact TPS with my next move so help is greatly appreciated  

If you only asked recently then they are likely to assume your service was more recent.

I suspect you’re about to be asked all kind of details about the other pensions you list, like duration of service, what model (DB, CARE etc), the date they commence, and when (how long ago) you left that job/deferred. Because you’d be mad to transfer out of some of those.

It’s not the end of the world if an optimised position is multiple pensions some of which have better index linking etc than others. 

Buckle up, your future self will thank you.

xylophone

I’m 38 and have a nest pension, local government pension, civil service pension and one more. Yes I am currently paying into a pension.

With regard to LGPS, CS and TPS, all three are public service defined benefit pensions.

If you left TPS to go straight on to CS or LGPS, it would have been possible for you to apply to transfer TPS to either of these 

arrangements had you applied within one year of joining.

If you joined a DC scheme immediately on leaving TPS, as your pension was unvested at that stage, it would have been possible to ask 

your DC scheme to take a transfer of your benefits or to take a refund of contributions.

As things stand, it seems likely that you have deferred Defined Benefit pensions with TPS, LGPS and CS.

If you join another Defined Benefit Scheme in the future, it may be possible to transfer in these pensions.

You will not be able to transfer TPS or CS to anything other than a DB Scheme.

This is not the case for LGPS but depending on the value of the LGPS, very expensive advice from a Pension Transfer Specialist could be required.

With regard to NEST and "one more", NEST is a DC pension.

What kind of pension is "one more"?

And to what kind of pension are you currently contributing?

Have you checked your state pension forecast?

https://www.gov.uk/check-state-pension

What is the COPE shown? (Click on link "you have been contracted out....").