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very confused about my pension

Discussion in 'Retirement' started by sidse, Jan 16, 2020.

  1. sidse

    sidse New commenter

    Hi,
    I had my highest earning years early in my career ( about 14 years) and have been working part time ever since. How will my pension be worked out - as a career average or on my final salary? I am soon to be 58.
     
    mountainchris2 likes this.
  2. diddydave

    diddydave Established commenter

    Your benefit statement on TPS website will tell you what pension you have accrued, which scheme you are in and how much is in each. There is uncertainty as it looks as though the CARE system, up to some as yet undetermined date, will be reverted back to final salary but those details are dependent on the instructions of the firefighter's tribunal and the consequent adaptations that will be put in place.

    If you would like me to have a detailed look I'd need to see a copy of the benefit statement so by all means start a conversation with me. I'm not a financial adviser but have found out a fair bit about the scheme in recent months.
     
  3. phatsals

    phatsals Established commenter

    At 58 is it not entirely final salary? You don't say how part time you've been, but it will be 1095 consecutive days. If you are .5, that's 6 years, from '10 to '16.
     
  4. sidse

    sidse New commenter

    Thanks both. Diddydave, how do I start a conversation with you? Phatsals, I have done various different versions of part time from 0.8 to 0.1 and everything in between.
     
  5. diddydave

    diddydave Established commenter

    I've sent you a conversation starter.
    A lot will depend on whether you have had a break in service which as a part-time teacher you may have done.
    This document tells you when the transfer to CA takes place: https://www.teacherspensions.co.uk/...~/media/93CC7173567A46B2A3D99E4D242FCEE9.ashx but as phatsals says if you are 58 soon then all of your service should be in the Final salary scheme.
     
  6. diddydave

    diddydave Established commenter

    I've done some calculations, please see the conversation for details :)
     

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