Returning to Teacher Pension

Northantsvillan

I am just about to take up a post that uses the Teacher Pension.    I already have a Teacher Pension that has been dormant.  Meanwhile for the past 14 years I have been paying into a different pension scheme.    My question is whether I am better to combine both my pensions by transferring my current pension into the Teacher Pension? 

m178591

Not an easy one to answer without more information. However, your post suggests you have been out of TPS for 14 years. If that is correct, when you join you will start as a new member in the career average scheme. This accrues pension at the rate of 1/57 of your annual earnings for each year you pay in. This is adjusted annually for inflation plus an addition 1.6% while you are a serving teacher paying into the scheme. As a new member you are entitled to transfer external pensions into TPS. If you do this TP will contact your pension provider and get a transfer value. They will then write to you with an illustration of what that value will get in terms of teachers pension. I can't advise you whether or not this would be in your interest as I'm not a qualified financial advisor but I can advise you to go through the process and see what you would get. You don't have to commit to anything, they will send you an illustration of what you would get if you did transfer in and you then decide whether to proceed or not.