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Pension calculation after redundancy

Discussion in 'Pay and conditions' started by bentruro, Dec 22, 2017.

  1. bentruro

    bentruro New commenter

    I started teaching in 1989.
    I taught at Monmouth Comprehensive School 1989 - 2010.
    I taught at Truro School 2010 - 2015.
    I was made redundant in July 2015.
    I divorced in 2010 and have a pension sharing order for 30% of my contributions during the period when I was married (24/07/1999 – 25/10/2010 11 years 3 months).
    I am 53 and am unlikely to find further employment in teaching.
    I have tried contacting Teachers Pensions with very limited success in answering my query.
    I am finding it very difficult to even get an estimate of how much pension I can expect to receive at 55 or what the balance between regular payments and lump sum options are.
    Please help.
     
  2. catbanj

    catbanj Occasional commenter

    Sorry but you are not going to get useful information on something as complex as this on here. You need to persevere with TPS or even employ a financial adviser specialist to help you. You can register and use the TPS on-line tools but they won't be able to take account of the 30% situation.
    Good luck getting it sorted
     
    Weald56 and wanet like this.
  3. Sundaytrekker

    Sundaytrekker Star commenter

    I think TPS would be better at answering this than an independent financial advisor who will just have to go to TPS for the information. TPS do have ways of calculating this. Persevere.
     
    wanet likes this.
  4. phlogiston

    phlogiston Star commenter

    TPS is your best course of action as they will have all the information available.
    You need your NI number and to find the pension calculator.
    You should have an on line statement which will tell you most of what you need for your total pension. I am not sure whether they will advise on the settlement to your ex. Individual payments are not attributed to bits of pension so its likely to be 30% of 11.25/26 of your final lump sum and monthly pension.
    There is no negotiation of the balance of lump sum or regular pension payments. You get both and they are non-negotiable.
     
  5. applecrumblebumble

    applecrumblebumble Lead commenter

    Too many unknowns to even give a close approximation. First of all you would need to know you salary of reference (used to calculate pension) and because you are 53 this may change from now until you are 55.
    Let’s work on a few assumptions, let’s assume you are on ups3 and you have been in the old scheme for 16years working full time. Let’s say £38000 pa as a salary of reference and assume 3% inflation this year and 2% next year when you turn 55. Salary of reference would change to about 39 920 roughly so applying formula for old scheme would be 39920 x 16 divided by 80 would give an annual pension of about 7840 if you retired at 60. This would be reduced by about 20% at 55 because you would be taking your pension early so 6278 pa. Your ex would receive 30% of 1.25/16 of that figure based on your dates. So about 490 pa. I am assuming the lump sum would be the pension times 3.
    These are only rough figures and only TPS can give you accurate figures in the year you reach 55.
     
  6. Weald56

    Weald56 Established commenter

    As above posts say, you need to contact TPS who should be able to give an estimate of your pension BUT the divorce settlement issue will, I guess, be beyond them. Perhaps getting (which means paying for, I'm afraid) independent financial advice would be worthwhile? Have you asked your Union for advice?
     
  7. Sundaytrekker

    Sundaytrekker Star commenter

    TPS will know about divorce settlement issues and how to apply them. I still think they are your first port of call.
     

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