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Teacher?s Pension Scheme ? four months of contributions made nearly 10 years ago. Do I do anything with it?

Discussion in 'Pay and conditions' started by polo2, Apr 8, 2011.

  1. I paid four months worth of contributions to the above scheme back in September 2001. Due to ending up in what was probably the wrong school for me, for a first post, I then left the teaching profession.
    I now work in an FE college in a non teaching roll, and have been paying into a local government scheme for 9 years now.
    Should I have closed my TPS scheme? Can I re-claim the few pounds that are in it? Or should I leave it where it is, just in case?

     
  2. I'm not sure about claiming it back, maybe?
    I'm pretty sure you can transfer your pension between schemes though, your current pension provider needs to get in touch with TPS.
     
  3. Good for you tat have found a new job. The teacher's pension scheme is absolutely rubbish with a capital R.
    Every time you ask for information they answer in a less than satisfactory manner almost rude. Nice escape.
     
  4. jubilee

    jubilee Star commenter

    If you are never going to go back to teaching, you will be unable to draw any benefit from your 4 months of TPS contributions when you retire as the minimum qualifying membership is 2 years.
    You could have transferred the 4 months into your current Local Government pension but any transfers have to be done within 12 months of joining a new pension scheme, so it's far too late to do that.
    You can apply to get back any payments below 2yrs of contributions but will have tax and extra NI deducted from thesupreannuation that you paid. This is because the payments were made before tax was levied on your then salary and you also paid the contracted-out (lower) NI rate on your then salary. When you withdraw pension payments, they charge the extra tax and NI that you would have paid had you never been in the pension.
    If you might have another career and another pension provider, you could transfer the TPS (and your current pension if you so wished) within 12 months. Otherwise, if it's definite that you will never want to add to the TPS pension in the future, you might as well withdraw the contributions in my opinion.
     

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