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pension after teaching

Discussion in 'Pay and conditions' started by clairee, Mar 6, 2016.

  1. clairee

    clairee New commenter

    I have recently taken the decision to quit teaching after 10 years and was wondering what this means with regards to my teachers pension.
    Any information or advice will be gratefully received
    Thanks
     
  2. hhhh

    hhhh Star commenter

    Don't know but would be interested to hear.
     
  3. applecrumblebumble

    applecrumblebumble Lead commenter

    Effectively it is frozen but the value is maintained by index linking. You can go back into it within 5 years and carry on where you left off. After 5 years I thing you would go into the career average scheme. Have a look at the teachers pensions website.
     
  4. TheoGriff

    TheoGriff Star commenter

    .

    HERE

    As a general rule you should not, of course, take any financial advice from anyone on here!

    Best wishes

    .
     
  5. Piranha

    Piranha Star commenter

    Yes. Far more sensible to take advice from TPS, who run the scheme.
     
  6. applecrumblebumble

    applecrumblebumble Lead commenter

    I agree because the question could have several outcomes. Please refer to taking a break from teaching from TP site
    What happens if I have a break in service?
    If you were a final salary member with a Normal Pension Age (NPA)The age at which you're eligible to claim retirement benefits.of 60 and had a break in service of more than five years with a return date of on or after 1 January 2007 your NPA remains at 60 for the service before the break but is 65 for the service after the break.

    Any period of less than 60 days qualifying service or 30 days reckonable service in any period of 365 days is not counted for the purposes of maintaining a normal pension age of 60.

    If you’re a protected or tapered member and have a break in service of more than five years after 1 April 2015 you’ll enter the career average arrangements when you return to pensionable service.

    If you retire and later re-enter pensionable service you’ll enter the career average arrangement.

    If you’ve benefits in both the final salary and career average arrangements your final salary benefits are protected and will remain in final salary. When you retire we’ll use your salaries earned in career average to calculate your final salary benefits. This is called the final salary link. If you’ve a break in pensionable service of more than five years then the salary link is broken and we’ll use the salaries at the time of the break to calculate your final salary benefits.

    Last Updated: 07/10/2015 15:55
     

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