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pension help!

Discussion in 'Pay and conditions' started by amy9999, Jul 27, 2011.

  1. I have been teaching for 3 years now and pension reductions have been made every month...when it suddenly sturck me that I have never heard from the pension service to say that it was being done correctly etc. should I have recieved a letter or some sort of confirmation? I am slighly worried about this....so could anybody offer me some advice or reassurance if this is not the case.
    Thank you in advance.
     
  2. Middlemarch

    Middlemarch Star commenter

    Don't panic. Go on the TPA website here:
    http://www.teacherspensions.co.uk/resources/calculators.htm
    and you can find out if they've got your details up to date. You'll need to use your teacher reference number to log in.
    If you're still unsure, give them a ring, using the contact numbers on the website.
     
  3. Thanks, Middlemarch. I didn't know about this. Really useful, and actually got around to completing the death nomination form as well (I know it's a bit ghoulish but it needs doing).
     
  4. coppull

    coppull New commenter

    Is this a private or LA school ? If it is an LA school,problems can occur but they can be sorted out with some calls to the Pay Department at the LA. If it is a private school,somebody on here from the Forum will be able to give you advice.
     
  5. With the TPS you don't get a 'pension pot', just a record of service. So long as the school officially inform the TPS that you have been having the deductions, then TPS can correct their records. The TPS send an annual statement to yoru school address.
     
  6. phatsals

    phatsals Occasional commenter

    Ring your HR dept at the LEA, they send returns every year and may for some reason be late with theirs. This happened to me a few years ago in Manchester when they hand't sent returns for 2 years.
    This is easily rectified by them and they will have to send a letter to TP.
     
  7. Thanks for the replies. It is a private school, and I'm assuming they'll sort it out once the bursar comes back from his holidays - it's just annoying having only found out about it by accident, and now not being able to rectify it straight away.
     
  8. It might be more complicated for a private school. I think you need to try to sort it ASP as the government is considering not allowing teachers in private schools to be in TPS in the future, although if/when this happens it is not yet clear what will happen to teachers already working in private schools and already members of the TPS: they will certainly be entitled to the pension they have so far built up, but it is not yet clear whether they will be able to keep building up more pension within the TPS.
     
  9. jubilee

    jubilee Star commenter

    pension and Student Loan deductions are made monthly but are not passed on to the TPS or the SLC each month. The LA pass on the money after the end of a tax year (possibly months after) and so the yearly record sent out by the TPS is missing a chunk of contributions for everyone. When you are about to retire and trigger the pension, the TPS request the information on the last lot of contributions (from the LAs employing you in your final year or so at work).
    It doesn't matter that the deductions stay in LA coffers for a year or more as the TPS is not an invested fund and your eventual payout will be based on salary and number of years in the scheme, not on a pot of money accumulated.
    Those approaching the end of SLC repayments should keep an eye on deductions to make sure that they don't overpay. The money is collected and held by the Inland Revenue and is passed on in arrears also. Payments in the 2010/11 tax year may not yet have been credited against your SLC account.
     

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