Teacher pension scheme options

I need to update my posts after checking the paperwork today.

The CARE scheme is actually NRA67 and not age 65, so it is a 7 year actuarial reduction, which equates to 31% if taken at age 60.

Zagubov.
I made some queries a few months ago.
Both schemes can't be drawn separately (eg. different ages). Also delaying retiring past age 60 did not seem to enhance the NRA60 element.
There is probably an option to continuing contributing to a pension, but maybe it would be a new DB scheme or DC scheme ?? It would be worth querying this with the teaching authority directly, as it must be a common approach.

GAry wrote: »

Both schemes can't be drawn separately (eg. different ages). Also delaying retiring past age 60 did not seem to enhance the NRA60 element.

I've never been able to find any benefit to this either; unless you're still contributing to it past 60 somehow which maybe doesn't happen when you're on this blended version of the pension. Are you sure you have to take the NRA67 at the same time as the NRA60?

GAry wrote: »

There is probably an option to continuing contributing to a pension, but maybe it would be a new DB scheme or DC scheme ?? It would be worth querying this with the teaching authority directly, as it must be a common approach.

I was on a protected NRA60 scheme and retired but went back to work. I'm automatically back on the TPS DB scheme in my new job although it's the NRA67 career average version.

I heard if you have two schemes when you take the NRA67 you have to take your NRA60 pension but not the other way round. Do you know if that is right?

I'd be tempted to ask the TPS if you can take "phased retirement" and claim your NRA60 portion and leave your NRA67 until you finally retire completely later on.

If you do that is your pension capped unless you limit your teaching hours?

Are you reducing your NRA67 pension by going back part-time for the remaining years of work?

Can you pay in extra to offset any reduction?

Can you take the NRA60 pension actuarially reduced (by retiring even a little bit early) and after a delay, return to work while still adding to your new pension without capping (abating) your old pension?

You might want to write out as many questions as you need and post them to their site, and/or arrange to talk to them on the phone. Does your union have any advice?

By the way nobody can advise whether one path or procedure is better for you, but if you ask yes or no questions to them they can maybe give you more info to base your decision on.

Be aware that when you claim a pension and press "send" there's no reversing it.

I'm not expert on your wife's version of the pension. Have you asked the union for any advice? Her rep may not be an expert but may have the phone number of someone with more info.

An important question is how much work does your wife plan to do after retirement?

If she's just planning a small amount of work, for a small income and to stop being bored, she can retire on her 60th birthday as planned.

If she's planning to do a big portion of a full-time job, she may get some of her pension clawed back (abated). This could be avoided if she retires just before her birthday and returns after a gap (this could literally be a couple of days. This way her NRA60 will be actuarially reduced (by a very small amount) but there are no restrictions on how much new teaching work she can take on.

GAry wrote: »

We don't really have any questions to ask (I thought you were wanting feedback on these teachers scheme options !).

No, I'm retired on a FS pension and back at work paying into the CARE pension.

I was only wondering whether there was a way your wife could access the FS pension and, if working afterwards, earn more money and build up more pension in the CARE scheme without penalties.

I'll not delete my previous posts as other forum users may be in that situation.

I hope it all goes smoothly for your wife and she enjoys her retirement.

GAry wrote: »

The letter received from the Education authority on 11 April 2019 answered this question -
'It is not possible to take each scheme separately. If you retire at age 60 your benefits in the CARE scheme will be reduced'

I don't think this is right. If you are taking early retirement i.e. before NRA then you have to take both schemes together, but if you are retiring at NRA you can defer the second. This is confirmed on page 10 and 11 of the following:

https://www.teacherspensions.co.uk/faqs/employer-faqs/completing-your-eoyc/~/media/aabceca9af4a495b86d524f3ea2e71a6.ashx