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Final salary question

Discussion in 'Retirement' started by kev160967, Jun 5, 2019.

  1. kev160967

    kev160967 New commenter

    Hi,
    Asking this on behalf of my wife. She has been doing supply for a few years now after being made redundant. Her final salary pension is currently based on three years between 2008 and 2012. We understand that final salary part is now sort of locked, and replaced with a career average system, but are unsure about the degree of locked, so to speak. She has done a few maternity covers which have contributed to her teachers pension, and the last of these was in 2018. Her question is whether the ten year window for the final salary part is now locked to those figures, or whether it can be recalculated based on any contracted positions she takes on now. For example, if her 2008 salary counted as one of the three the final salary is based on, and she were to get a new role next year with contributions to her teacher's pension, would that knock 2008 out of the ten year window for the final salary, and move it to 2010-2020, or is the ten year window now fixed due to the end of the final salary scheme? As we understand it, her final salary is based on the average of the best three years in the last ten years of contributions?

    Sorry, not sure how clear the above is!

    Thanks,
    Kevin
     
  2. diddydave

    diddydave Occasional commenter

    I'd suggest she tries to get a definitive answer, in writing, from the TPS.

    From my reading of it if she goes back to work then the 10-year window would be 10 years back from when she starts the new job...so if she takes a role today it would go back only until 6 June 2009...moving on each day she works until she stops again.
     
  3. kev160967

    kev160967 New commenter

    Thanks Dave, that's what I was afraid of. She did have a phone chat with them last week, and thought they'd told her it was fixed, but wasn't 100% sure. She's not great at financial stuff though (which is why she's asked me to post about it), so perhaps we need to ask them the question in writing in the first instance.
     
  4. diddydave

    diddydave Occasional commenter

    There's the online message service which can be quite quick - if you choose "social media" as the topic/subject of the message I'm told they respond faster
     
  5. kev160967

    kev160967 New commenter

    Thanks for the tip, we'll give it a try
     

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