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Just got notification of my pension amounts :)

Discussion in 'Retirement' started by scgf, Nov 4, 2015.

  1. scgf

    scgf New commenter

    Further to my previous posts where I was fretting about the accuracy of the calculators and the average salary I can now report back!

    I received the official notification of my pension yesterday. I am taking early retirement at the end of this term (Dec 31st 2015) at the age of 58 years 9 months. I worked everything out using the Actuarily Reduced calculator in the TPS site, using the quoted 'average salary' for my salary input. This figure was quite a bit higher than my actual salary and I was worried that something was wrong and that I might receive less than I thought.

    The figures I got from the calculator were pretty much spot on, much to my relief. I will be able to pay off my mortgage with my lump sum and have a tiny bit left over and my monthly pension will give me more disposable income than I currently have while working because I will have no mortgage payments to make.

    I'll probably get run over by a bus now, lol!

    Thought this might be useful to others playing with the calculators and wondering how accurate they are.
  2. lizziescat

    lizziescat Star commenter

    So pleased for you.
    How many days to go?;)
    scgf likes this.
  3. scgf

    scgf New commenter

    44! I have a countdown timer running on my phone :)
    Mrsmumbles and ScotSEN like this.
  4. jacob

    jacob Lead commenter

    Well done. I have received my lump sum (1st Nov) for phased retirement (75%), but they have not told me when the monthly pension will start or what it will be per month. Maybe I am supposed to just work it out from the lump sum? I think I read somewhere that the date of payment is your birthdate in the month?
    scgf likes this.
  5. scgf

    scgf New commenter

    The day before your birthdate.
  6. lindenlea

    lindenlea Star commenter

    scgf likes this.
  7. Alldone

    Alldone Senior commenter

    Phone the contact number on the teachers pension website - make sure you are registered first. They are very helpful and when I did this they downloaded the official letter detailing how much and when paid - as I was talking to them.
  8. eljefeb90

    eljefeb90 Senior commenter

    I got my pension details and the amount of my lump sum yesterday. Counting down to December!As scgf said, the calculator is extremely accurate .
  9. tudor01

    tudor01 New commenter

    Just received 75% of my lump sum (AR) and pension, latter to be paid later this month, Amounts are bang on what I expected/quoted. If in doubt, call TP and they will advise you. I found their service to be excellent.
  10. Yoda-

    Yoda- Lead commenter

    Good news. I look forward to seeing if the calculator is as accurate for myself!
  11. eljefeb90

    eljefeb90 Senior commenter

    Further to my November post, I have just received an upgrade to my pension! I would advise everyone to automatically query the final salary amounts. As I understand it, because teachers' salaries have not kept up with inflation, the final salary is higher than what you actually receive, so the various calculators are not as accurate as I thought.
    Yoda- likes this.
  12. Guest

    Guest Guest

  13. Guest

    Guest Guest

    Reposted content of the above post as it appears as part of the quote. Apologies!

    Do you mean your pension was adjusted after your pension started? Are you able to give more detail? Just curious as thinking of going for final retirement here in next year or two. Have been on phased for nearly 3 years,although at moment acting Head of Department!
  14. eljefeb90

    eljefeb90 Senior commenter

    I retired yesterday!!! My school were pretty incompetent in sorting out the details for the TPS, so I didn't get details of my annual pension and lump sum until November. The totals were in line with the calculators I'd used. However, last week, I received a message on the TPS website informing me that my pension had increased, as had the lump sum. They had miscalculated my final salary, I think, which is higher than your actual salary because our salaries have not kept up with inflation in recent years.
  15. applecrumblebumble

    applecrumblebumble Lead commenter

    I found the TPS website invaluable when it came to sorting out my pension but I did start planning 1 year ahead. Firstly check all your employment is recorded and up to date - chase these up if not, I found that completing the form manually more reliable than doing it on line - get form about 3 months before retiring. Finally if everything is up to date put form into your accounts department a month before you retire and hey presto lump sum on your birthday and pension 1 day before your birthday - 1 month later.
    wanet likes this.
  16. eljefeb90

    eljefeb90 Senior commenter

    The error in the calculation was down to a gap in my employment record because my school hadn't recorded it!! This needs to be chased up and triple checked as my details were very straight forward (only taught in two schools with no breaks of service) and they still got it wrong. Final salary (for pension purposes) was 20%+ higher than I actually get.
  17. snowstorm

    snowstorm New commenter

    What does it mean that pension will be paid on birth date? My bday has just gone, but am only just going to apply for AAB.....surely I won't have to wait till next bday? or have I read something wrong? :)
  18. Dunteachin

    Dunteachin Star commenter

    My birthday is on the 20th of the month, so my pension is paid on the 19th of each month - ie one day before my birthday.
    That was the rule 5 years ago, maybe it's changed.
    So, say your birthday is 24th March, then your pension is paid the day before, ie the 23rd of each month. Or will it be the 24th, now?
    snowstorm likes this.
  19. snowstorm

    snowstorm New commenter

    ah ok....thanks dunteachin...hope u are well....
  20. Dunteachin

    Dunteachin Star commenter

    Very well, thanks, snowstorm. Nice to see you.
    You don't look old enough to retire!
    snowstorm likes this.

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