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Is state pension different to TPA pension?

Discussion in 'Pay and conditions' started by sam83, Jul 8, 2011.

  1. I have received a projected state pension and it keeps referring to my national insurance contributions.

    This may be me being silly but is my state pension from my national insurance only and the money I pay each month marked as pension TPA another pension?
     
  2. Yes.
    Your TPA pension is based on your contributions made during your career. It is payable at age 60 generally though if you are fairly new to teaching that has changed to 66 or maybe beyond. Currently you can opt to take your TPA, at a reduced amount, from the age of 55.
    Your state pension is based on your NI contributions and will be paid at a set date and you do not have the right to have it early. State pension age keeps moving further and further away so it depends how old you are now as to when you'll receive it.
     
  3. jubilee

    jubilee Lead commenter

    The State pension is what most people call the Old Age pension.
    The TPS pension, where deductions from pay are marked as Superannuation on your payslips, is your Occupational Pension.
    Some people only have the Old Age pension (currently around £100 per week) and may thus need means-tested top-ups from the State in retirement. There are proposals to apy everyone a State pension in the region of £134 per week (current value) and this is likely to entail paying more NI when working. It will mean the elimination of the top-ups as they will fix the pension at Income Support levels.
    As a pensioner with both types of pension income, you are potentially liable for income tax. You carry on getting a tax code (the tax-free amount you can earn or receive in pension) and that tax code increases the older you get.
     
  4. I have recently retired from teaching on ill health grounds. I have had conflicting advice on what will happen when i reach state pension age.
    when I reach state pension age (5 years or so) will my Teachers Pension reduce? also will I receive a state pension as an additional pension? or will I only receive my teachers pension from then on, and not receive a state pension if my Teachers Pension is above a certain amount?
    Many thanks.
     
  5. Middlemarch

    Middlemarch Star commenter

    If you take your TP at 60, you'll get the full amount to which you are entitled as determined by years of service. Then, when you reach state pension age, you'll get the state pension to which you are entitled (again, related to years paid in), but you will pay appropriate amounts of tax on both.
     

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