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Leaving teaching - clueless about pensions!

Discussion in 'Pay and conditions' started by kettlewitch, Jun 24, 2015.

  1. Hi there

    Does anyone have any advice or suggestions where to get it? I am leaving teaching after 10 years to retrain as a librarian. Next year I will be studying for my MSc and working part-time as a school librarian. I am planning on finishing this job next summer as I qualify to look for a full-time permanent position. I have been given the forms to enter the Local Government Pension Scheme (LGPS) but I'm not sure how it all works, to be honest!

    I assume that once I am no longer teaching, my pension with the Teacher's Pension Service will terminate? Is there an option of continuing to pay into it (presumably at a much lower rate)? Should I transfer my pension to the LGPS (no idea what to look for to make this decision) or keep my accumulated funds in TPS and start a new LGPS even though it would only be short-term...?

    I really am utterly clueless how it all works and don't know what to do for the best - any advice is gratefully received...
  2. Morninglover

    Morninglover Star commenter

    If you are a member of a Union, that would be my first port of call.
  3. Middlemarch

    Middlemarch Star commenter

    I'd talk to the people at TPS on your options there first.
  4. wanet

    wanet Star commenter

    You can buy extra years.

    You will get your teachers pension when you "retire".

    The thing I am not sure about is what it will be based on if you no longer teach as you won't have a "final" salary. Possibly your last salary with inflation applied - but as said above ask them.
  5. Thanks all, I'll give TPS a call.
  6. coolhands

    coolhands New commenter

    I would have thought you should leave your pension in the TPS. Since you must have started teaching before 2007 you're normal pension age will be 60 for the TEACHERS PENSION you have paid into. If you transfer it out (into the LGPS) you would not be able to claim it at 60 if you wanted - you could only claim it at your State normal pension age which will be 65-68 depending on when you were born (use www.gov.uk/calculate-state-pension to see your actual normal pension age). That is one factor to bare in mind.

    However LGPS & teachers pensions are in something called the Transfer Club. This is meant to give equal benefit to the new scheme as to what you had in the scheme you are leaving. But I don't know if the Normal Pension Age is somehow taken account of as the rules are very complicated. See this document: www.civilservicepensionscheme.org.uk/.../club-memorandum-march-2015.pdf

    My inclination would be to leave in teachers pensions, or get some advice if you do want to move it - I think if you transfer it in to the lgps you will get good value because of the Transfer Club but I'm not sure about the age you would be able to claim it. That might be lost so check it out.
  7. TheoGriff

    TheoGriff Star commenter

    The best advice - the ONLY advice that you should listen to - is the advice telling you to contact the TPS.

    You shouldn't listen to any financial advice coming from me or anyone else on this forum.

    TPS it is!

    Best wishes


    Meet Theo on line on the TES JobSeekers Forum, where she answers jobseeking and careers queries regularly each week.

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