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Understanding teachers’ pensions

Discussion in 'Retirement' started by TES_Rosaline, Jan 8, 2018.

  1. jubilee

    jubilee Star commenter

    You don't have to take the annuity offered by the AVC provider that you have been paying into. You can request a transfer value and get annuity quotes from other companies.

    Two people who save the same amount with an AVC provider (for the same length of time) will get different payouts even if they trigger the AVC at the same time. Annuities are based on calculations about your life expectancy. Women tend to live longer than men and thus get a poorer payout as they are expected to be drawing the annuity for longer. Those in poor health get a bigger payout than those who are healthy. Smokers get a bigger annual payout than non-smokers.
     
  2. loublou554

    loublou554 New commenter

    Are you all sorted now then Mr Media?
    I ask because I am also a transition member, don't have any AVCs, have spoken to TP several times but still not 100% about the exact date I need to retire.
     
  3. MrMedia

    MrMedia Star commenter

    No not yet. I continue to dither...
     
  4. mikebez1

    mikebez1 New commenter

    Hi. Is there anywhere that explains the transition part clearly....
     
  5. MrMedia

    MrMedia Star commenter

    Not to my knowledge. It has taken me five years to finally understand it. You can’t take one pension and not the other. It is madness. You are forced into actuarial reduction even if you take your first pension when it matures. I can’t believe there won’t be a class action eventually,
     
  6. diddydave

    diddydave Occasional commenter

    ...sorry but I'm not sure you've fully understood it yet... ;)
    You only HAVE to take both at the same time IF you take it early, i.e. before 60.
    If you take the final pension salary at 60 you can leave the career average until your NPA (67 for me).

    https://www.teacherspensions.co.uk/...ypes-of-retirement/normal-age-retirement.aspx
    "...If you wish you can leave these benefits until you reach your career average Normal Pension Age and they’ll then be paid in full."
     
    border_walker likes this.
  7. diddydave

    diddydave Occasional commenter

    The 'clearly' part is up in the air at the moment as any explanation of the current situation may change due to the legal action brought by the firefighters and judges union that they won. The government is still working out whether they will appeal or what they will do if they don't.

    Teachers pensions has several pages, such as this one: https://www.teacherspensions.co.uk/.../active-members/dianne-transition-member.aspx
     

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