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Pension does not match estimate

Discussion in 'Retirement' started by elainerosebud, Sep 1, 2019.

  1. elainerosebud

    elainerosebud New commenter

    I have just received my pension details and it is significantly lower than the estimate given to me by my employers.
    Anyone with a similiar experience?
     
  2. Brianthedog

    Brianthedog Occasional commenter

    Why have your employers given you an estimate? If you register in the Teachers Pensions site it's all there for you.
    Are the figures you e been given for retirement at 60 or earlier?
     
    jlishman2158 and border_walker like this.
  3. elainerosebud

    elainerosebud New commenter

    They are for 55 but enhanced to 60. I also spoke to teachers pensions who agreed the figures but now it is less
     
  4. Brianthedog

    Brianthedog Occasional commenter

    So are you taking early retirement with 5 years enhancement for ill health? Also, your employer may not have the same info as TPs in terms of contributions made over the years.
    Is the difference significant?
     
  5. elainerosebud

    elainerosebud New commenter

    It is called a VERS offer because the whole organisation is closing.The difference in the annual pension is significant.
     
  6. Brianthedog

    Brianthedog Occasional commenter

    I noticed that you have worked abroad for a significant time on another post, could it be that your employment record on TPS isn't correct?
    If you have calculated your own pension does this match what TPS are estimating? Also, have TPS received confirmation of the enhancement?
     
    jlishman2158 likes this.
  7. diddydave

    diddydave Occasional commenter

    I think you'll need union support on this. The last I heard on 'enhanced' pensions was that they were being made the responsibility of the school that agreed them and would therefore have to be paid for by the school - for the life of the pensioner! As your organisation is closing I don't see how they would be able to fund their part of your pension. So I definitely think you'll need help on this.

    If you say that the figures are agreed then do you have the calculations to check?
     
  8. Brianthedog

    Brianthedog Occasional commenter

    jlishman2158 likes this.
  9. elainerosebud

    elainerosebud New commenter

    Many thanks to you both.
    I think the problem is that myself and seven colleagues are the first to go through the pension journey with a mix of final and career average. I just wondered if it had happened to anyone else.
     
  10. Brianthedog

    Brianthedog Occasional commenter

    This may well be the reason, you've got a foot in both camps so to speak, and the career average portion of your pension, should you go now, will be massively reduced in comparison with your final salary portion. I'm assuming you've spoken to TPS directly? Often though you may get a different answer depending on who you speak to!
     
  11. elainerosebud

    elainerosebud New commenter

    Your not wrong. I have spoken to TP twice, my former employer, various people. It is everybody else's fault.
    Frustrating
     
  12. Rott Weiler

    Rott Weiler Star commenter Forum guide


    What sort of employer are you with, as you say they are closing down? Private school?

    I'm curious how they are going to secure the payments they have to make for the rest of your lifetime. By definition once they close they can't pay it. What are they proposing? Buying an annuity?
     
  13. elainerosebud

    elainerosebud New commenter

    Part of the Government. It is only the part of the world that I worked in has closed. They have operated this scheme for years but first time with a mixed pension.
     
  14. Rott Weiler

    Rott Weiler Star commenter Forum guide

    So the commitment to pay the employers part is a commitment from the UK government? In which case that is good! You should be able to rely on that as long as it is all documented and tied down properly.
     
    jlishman2158 likes this.

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