Teachers Pension Scheme and CPI increase

tigerspill

https://forums.moneysavingexpert.com/discussion/comment/81956762#Comment_81956762

Perfect. Thank you.

tigerspill

Well, just an update.

My wife's lump sum arrived a day late and without the 3.8% applied. Not surprise given that every dealing I have had with them has been wholly unsatisfactory - all due to mistakes they have made over and over again. Shocking service and more misery when we try to sort this out.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/81961548#Comment_81961548

Hope you've sorted this.

You may want to try David Fountain's group on Facebook.

With regard the proportion increase for 2027, once the PI figure is confirmed based on September's CPI you will at some point get a pro rata increase in your 2026 pension if you retire after April 6th. Then you get the remaining added in April 2027.

Otherwise you would have the ridiculous scenario of two people retiring say in May and the following Match with identical service, salary etc ending up with different pensions.

What happens is, in September your pension is based on the revalued figures done in April. But clearly with no known PI figure they cannot revalue it. It gets revalued later that financial year and you receive a back payment. Then in the April you get the pro rata increase as you have already received some of it.

tigerspill

https://forums.moneysavingexpert.com/discussion/comment/81967980#Comment_81967980

Thanks. Not fullly sorted yet.

My understanding from a few messaged back is that the apportionment only takes place when stopping teaching and immediately taking the pension where you wouldnt expect to get a douple increase so it is apportioned. When going from deferrment to payment, the full increase should be applied surly?

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/81970731#Comment_81970731

I think it works the same way.

A_curious_fella

The teachers pension increase is applied from 6th April. However, the benefit statement will not be updated until May, or even June. So, if you are looking at a statement in April, you will not see the increase.