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Retirement

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Teachers - did you get your predicted pension

129 replies

BG2015 · 15/01/2023 12:29

I'm beginning to really think about retiring now after having breast cancer last year. I'm 54 and am now paying more towards my mortgage so I can retire at 56/57.

I regularly check my forecasted pension and lump sum on TPS but wonder how accurate it really is.

Can anyone say whether the (rubbish) calculators on there are any good.

I'm in the Final salary scheme and career average schemes so that complicates things further, plus theres the McCloud judgement to consider to. It's a minefield.

OP posts:
Sisterpita · 19/10/2023 05:54

@Countdown2023 the 6.7% is guaranteed for my public sector pension. It’s only the state pension % that is at the discretion of the gmt.

spanieleyes · 19/10/2023 06:30

They have now added calculators for those of us on a final salary/career average mix.

I have made a little spreadsheet with different scenarios for me on it and am now counting down the days- 158 to go !

PhotoDad · 19/10/2023 06:57

spanieleyes · 19/10/2023 06:30

They have now added calculators for those of us on a final salary/career average mix.

I have made a little spreadsheet with different scenarios for me on it and am now counting down the days- 158 to go !

Thank you for pointing that out! It agrees with my back-of-the-envelope calculations, which is reassuring. As there wasn't a space to record the "Past Added Years" I am buying back (I entered teaching later in life), I simply pushed back my start date to account for them; I think that this would give the right result...?

Countdown2023 · 19/10/2023 06:57

The TPS increase has to be confirmed by the government.

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