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  • FIRST POST
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 2:05 PM
    • 11Posts
    • 3Thanks
    goldenoldie12
    need some to explain something to me please
    • #1
    • 14th Jun 19, 2:05 PM
    need some to explain something to me please 14th Jun 19 at 2:05 PM
    hi sorry if this sounds stupid , I am retiring late (past my retirement age of 65) I have been told by a friend that I could be due enhancements and an uplift to my pension due to my age and working past my retirement age.

    he tried to expplain it to me but hes not the best and explaining things so it left me a tad confused.

    Could some one please explain what an uplift is
    Could some one please explain enhancements
    could someone explain the difference between the too and if they are both good to get if i qualify . I am in a final salary scheme


    thanks for help
Page 1
    • JoeCrystal
    • By JoeCrystal 14th Jun 19, 2:13 PM
    • 1,867 Posts
    • 1,314 Thanks
    JoeCrystal
    • #2
    • 14th Jun 19, 2:13 PM
    • #2
    • 14th Jun 19, 2:13 PM
    How about asking your scheme administrators or check your scheme booklet for clarification hmm? We can't read your scheme rules from here. Having said that, some DB pension scheme does enhance the pension should it be taken after the default age.
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 2:35 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    • #3
    • 14th Jun 19, 2:35 PM
    • #3
    • 14th Jun 19, 2:35 PM
    sorry was not asking that was asking what enhancements are, what uplifts are and what is the difference between the two not if I qualify for them .

    Just a basic understanding of what they mean in context with late retirement .
    • xylophone
    • By xylophone 14th Jun 19, 2:49 PM
    • 31,326 Posts
    • 19,419 Thanks
    xylophone
    • #4
    • 14th Jun 19, 2:49 PM
    • #4
    • 14th Jun 19, 2:49 PM
    hi sorry if this sounds stupid , I am retiring late (past my retirement age of 65) I have been told by a friend that I could be due enhancements and an uplift to my pension due to my age and working past my retirement age.
    When did you become eligible for state pension? Are you male or female?

    Were you working for this company between 1978 and 1997? The scheme was almost certainly contracted out so there will be a GMP.



    If a members actual retirement date is postponed for at least seven weeks after their GMP Pension Age then statutory late retirement increases will apply to the GMP.


    Some (but not all) DB schemes offer "late retirement increases" where a member has not drawn the pension at normal scheme retirement age.

    Example

    http://www.mnopf.co.uk/late_retirement.html

    What does your scheme booklet say on the subject?
    • jimi_man
    • By jimi_man 14th Jun 19, 2:50 PM
    • 174 Posts
    • 202 Thanks
    jimi_man
    • #5
    • 14th Jun 19, 2:50 PM
    • #5
    • 14th Jun 19, 2:50 PM


    Basically, a DB pension is a ‘pot’ of money set to pays out a specific sum of money over a set period of time usually until you die. If you retire earlier than this date then the ‘pot’ will have to stretch further and so pay out less per year – a reduction; conversely if you retire later it doesn’t have to stretch as far and so could pay out more per year – an enhancement or uplift. That’s how I understand it with mine.

    • xylophone
    • By xylophone 14th Jun 19, 3:01 PM
    • 31,326 Posts
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    xylophone
    • #6
    • 14th Jun 19, 3:01 PM
    • #6
    • 14th Jun 19, 3:01 PM
    DB pension is a ‘pot’ of money
    There is no "pot" in a DB Scheme - a DB pension is in essence a "promise to pay" the benefits for which a member has qualified during his time in the scheme.

    The benefits will be paid for life/for the life of a widow/er - there is no "pot' to run out, as it were.
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 3:07 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    • #7
    • 14th Jun 19, 3:07 PM
    • #7
    • 14th Jun 19, 3:07 PM
    sorry I am In the teachers pension might have mislead by not explaining this
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 3:09 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    • #8
    • 14th Jun 19, 3:09 PM
    • #8
    • 14th Jun 19, 3:09 PM
    i am a widow as well not looking to get remarried , one child who is 45 so they will not get a pension when i finally pass
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 3:10 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    • #9
    • 14th Jun 19, 3:10 PM
    • #9
    • 14th Jun 19, 3:10 PM
    i could have retired at 60 but i have carried on for a further 10 years
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 3:16 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    so an uplift means i will get more because i did not take my pension at the date i could 60 and left it for another ten years without taking it and retired at 70 .

    ie pension at 60 was say £20000 but because i left it 10yrs and retired late it would be worth £25000 because of a late retirement uplift , plus i would get the additional 10yrs service on top of it. i have been on the TPI website and on there online chat and they are just as confused as me
    • coyrls
    • By coyrls 14th Jun 19, 4:10 PM
    • 1,242 Posts
    • 1,367 Thanks
    coyrls
    If you are retiring, you will be told what your pension will be, the applicability and meanings of uplift and enhancements will be neither here nor there; it will be what it will be.
    If you are interested in how your specific pension amount has been calculated, you could ask for a breakdown, if it is not already provided to you when you are told what your pension will be.
    If you are interested in your scheme rules, you could ask for a copy.
    • blues
    • By blues 14th Jun 19, 4:27 PM
    • 217 Posts
    • 698 Thanks
    blues
    Maybe ask the same question on the TES forum. They have a pensions section and lots of knowledgeable people on there
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 4:37 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    why is there so many people who respond with irrelevant answers to questions posted on here basically saying don't ask on here , This forum is about questions on pension and about seeing if some could answer them nothing else .if you can't help me with questions asked , don't reply simples , no need to answer with a rude comment .
    I am hoping some one on here will have some in sight and might be able to give an answer to the question I asked.
    • xylophone
    • By xylophone 14th Jun 19, 5:00 PM
    • 31,326 Posts
    • 19,419 Thanks
    xylophone
    Presumably you became eligible for state pension in 2009 - are you drawing your state pension?

    Are you saying that you became eligible to draw your FS Pension in 2009, did not claim your pension but continued in your post/another teaching post without a break in service?

    You continued to contribute to the Scheme?

    How many years pensionable service do you have?

    https://www.teacherspensions.co.uk/members/faqs/scheme-membership/contributions-and-calculations.aspx

    https://www.teacherspensions.co.uk/-/media/documents/employer/guides/accessing-benefits/conditions-for-accessing-benefits-in-the-tps--v103--13122017.ashx

    "Enhancement" appears to apply to late retirement in the NPA65 Final Salary arrangement.

    Are you now about to apply for your pension?

    The Administrator should be able to explain exactly how your benefits are calculated.
    • coyrls
    • By coyrls 14th Jun 19, 5:24 PM
    • 1,242 Posts
    • 1,367 Thanks
    coyrls
    why is there so many people who respond with irrelevant answers to questions posted on here basically saying don't ask on here , This forum is about questions on pension and about seeing if some could answer them nothing else .if you can't help me with questions asked , don't reply simples , no need to answer with a rude comment .
    I am hoping some one on here will have some in sight and might be able to give an answer to the question I asked.
    Originally posted by goldenoldie12
    Because there is no single technical meaning for either enhancement or uplift; the meaning will be specific to an individual scheme. The best way to find the answer to your question will be to consult your scheme rules, unless there is somebody who reads your post who is also in your specific scheme and who already knows the rules well enough to answer.
    • goldenoldie12
    • By goldenoldie12 14th Jun 19, 9:19 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    that's why I put teachers pension .
    I have worked full time from 1968 till present and looking to retire early next year .
    NPA60 till 2007 NPA65 from 2007 till present .

    looking at teachers pension on line I should get up lift for NPA60 and enhancement for NPA65
    why i asked what the differencr is between the two . and what each one means .
    was hoping someone might be able to shed light on this for me . I know i could ask the teachers pension , but i wanted to ask on here first as it is a forum for asking questions about pension , didnt think it was a forum for people to be rude to you .
    • BobQ
    • By BobQ 14th Jun 19, 11:20 PM
    • 10,623 Posts
    • 13,963 Thanks
    BobQ
    why is there so many people who respond with irrelevant answers to questions posted on here basically saying don't ask on here , This forum is about questions on pension and about seeing if some could answer them nothing else .if you can't help me with questions asked , don't reply simples , no need to answer with a rude comment .
    I am hoping some one on here will have some in sight and might be able to give an answer to the question I asked.
    Originally posted by goldenoldie12
    lots of reasons including not reading your post, not understanding it and you not including all the information needed to answer the questions.

    All DB schemes are different. Some schemes have different sections as the scheme is updated. Without stating which of the TPS sections you are in it is difficult to respond.

    What matters is the Scheme Rules. . To me Uplift and Enhancement are probably the same thing, but what matters is how they are defined in your scheme.

    Whatever word you use, your question appears to be about whether by delaying drawing your pension you qualify for extra penson. Some DB schemes do this (even the state additional pension does that) but not all. So it maybe your scheme does or maybe it does not. Unless you find a person with knowledge of the TPS on here you ought to look to another forum.

    Have you asked your union?
    Have you written to the scheme administrators?
    Last edited by BobQ; 14-06-2019 at 11:41 PM.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
    • BobQ
    • By BobQ 14th Jun 19, 11:39 PM
    • 10,623 Posts
    • 13,963 Thanks
    BobQ
    that's why I put teachers pension .
    I have worked full time from 1968 till present and looking to retire early next year .
    NPA60 till 2007 NPA65 from 2007 till present .

    looking at teachers pension on line I should get up lift for NPA60 and enhancement for NPA65
    why i asked what the differencr is between the two . and what each one means .
    was hoping someone might be able to shed light on this for me . I know i could ask the teachers pension , but i wanted to ask on here first as it is a forum for asking questions about pension , didnt think it was a forum for people to be rude to you .
    Originally posted by goldenoldie12
    It is not a forum to be rude but neither can it guarantee an answer. The information above it more precise. Uplift is explained in here:

    https://www.teacherspensions.co.uk/~/media/Documents/Member/Documents/Factors/Retirement/TPS%20Late%20Retirement%20Factor%20Guidance%20FS%2 0Section%201%20April%202015.ashx

    I am not 100% sure but I suspect that "enhancement" might refer to unearned increases such as in the case of medical retirements where the increase is not related directly to contributions.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
    • goldenoldie12
    • By goldenoldie12 15th Jun 19, 1:32 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    BobQ thanks for your response , for some reason your post only shos 3/4 of each sentence could you post it again please .I am not looking for a guaranteed answer , just looking at what the diff is between uplift and enhancement in context with late retirement in the teachers pension .
    I am retiring and a widow some no one will reason a pension when i pass , i asked for advise on this from the TEACHER PANSION about accessing more of my funds as i am a single widow , they said they can not give me adise but said probably get independant advise . Does anyone think i could access more of my funds eary bcause i am 72 just retiring and single widow with no pension to pass on when i am gone.
    • goldenoldie12
    • By goldenoldie12 15th Jun 19, 1:36 PM
    • 11 Posts
    • 3 Thanks
    goldenoldie12
    ignore post above spell check gone nuts!!

    BobQ thanks for your response , for some reason your post only shos 3/4 of each sentence could you post it again please .I am not looking for a guaranteed answer , just looking at what the diff is between uplift and enhancement in context with late retirement in the teachers pension .
    I am retiring and a widow so no one will recieve a pension when i pass , i asked for advise on this from the TEACHER PANSION about accessing more of my funds as i am a single widow , they said they can not give me adise but said probably get independant advise . Does anyone think i could access more of my funds early because i am 72 just retiring and single widow with no pension to pass on when i am gone
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