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TP: What will my family get when I die?

Discussion in 'Retirement' started by Newstein, May 18, 2020.

  1. Newstein

    Newstein New commenter

    I took early retirement 10 years ago and recieve a monthly pension from Teachers' Pensions.

    What will my family get when I die?
  2. stopwatch

    stopwatch Lead commenter

    NoK gets 50% from my understanding of the rules
  3. diddydave

    diddydave Established commenter

    This is the page to start from: https://www.teacherspensions.co.uk/members/faqs/bereavement-and-family-benefits/family-benefits.aspx

    And this factsheet: https://www.teacherspensions.co.uk/-/media/documents/member/factsheets/family-and-dependents/death-benefits.ashx

    Short answer is that it depends on a number of things such as.
    • If you bought any 'additional pension' then it can come with or without family benefits.
    • Are you married - you can nominate a partner
    • Are you male or female - there are 'years' of service that don't count if you are female and worked before 1988.
    Roughly though, your partner gets half of your 'full' pension - worth noting that this is not half of your reduced pension if you started taking your pension before you were 60. So long as you were still working after 1 January 2007 it is paid for their lifetime. If you were not in the pension scheme after that date then it is stopped if they marry.

    I believe your children, if still in education, will also get a survivor's pension until they are 23 - or leave education.
  4. Newstein

    Newstein New commenter

    Thank you, diddydave for the prompt. I did log into my account and made some changes. Now, I retired at the age of 59, and am not clear if my wife will receive any death grant.
  5. border_walker

    border_walker Lead commenter

    Just half of your pension.
  6. diddydave

    diddydave Established commenter


    She won't get any death grant as you have been retired for more than 5 years.

    For 3 months she will get the pension you have been receiving and from them on half the full pension.

    At 59 you will have received 95.9% of your full pension so it will be just over half of what you are currently receiving. If you are male then there is no reduction for work done prior to 1988.
  7. pennyh.

    pennyh. Occasional commenter

    Learn something new... never knew that about the the 50%. I took ARB and had thought it was half what I receive on ARB. I knew of the loss of 8 years because of the 1988 rule. (since I did not pay a reduced rate I still wonder how this inequality is allowed to continue). Is there a way/place of working out what my hubby might receive in view of the loss of 8 years. (Shades of mortality and all that in these current times...) Is it sitting on my online record and I just have not noticed?
  8. diddydave

    diddydave Established commenter

    I couldn't find it in my wife's account either..so you'll need to ask I believe.

    Alternatively you can work out a ball park figure.

    You need to know what % your pension is of the full amount because of the ARB. Divide your annual pension by this number and then multiply by 100.

    Then you need to know how many 'years' your pension was based on. Divide the above by that number and then multiply that by 8 less than the number of years it was based on. (i.e. if your pension is £10,000 and you worked for 40 years, it will be 10,000 divided by 40 then multiplied by 32.)

    Finally half the number you have got...that should be roughly what the survivor's pension will be.
    pennyh. likes this.
  9. pennyh.

    pennyh. Occasional commenter

    Sorry for delayed thank you - I'll find the file and get the calculator out.
  10. Dunteachin

    Dunteachin Star commenter

    I retired at 55, nearly 10 years ago. Can't believe it's so long! I then did supply for 5 years.

    I emailed TPS, last year, to ask the same question. They'd actually answered it in the paperwork I received, on retiring.
    It was half of what I was getting back then, and I don't think the figure has changed. It's not index linked, unfortunately.
    pennyh. likes this.
  11. pennyh.

    pennyh. Occasional commenter

    Thanks - I had a look at the Statement of retirement benefits from back in 2016 and saw Family Benefits amount. Seems to be 42% of the annual pension I started on. In the notes it states "They are index linked at the same rate as your own pension.
  12. Dunteachin

    Dunteachin Star commenter

    Ah. Missed that bit. Good news for my husband, if I go before him...

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