Teachers pensions

[Karwomannghia]

I need to decide about my pension- whether to go for career average or final salary and excess teaching. I’m aware I’m eligible for an old scheme but does anyone have any advice as to how to decide? Thank you

You don’t need to make a decision until you retire and TPS will tell you how much you will receive under each model. Should be an easy decision from there.
I haven’t looked myself yet but I think both are also now modelled if you log into your account.

Yes, the calculators now include modellers for final salary, career average and a mixture. I get a slightly smaller pension but a larger lump sum with the transition period counted as final salary, but it will depend on how much service you have under each and how close to retirement you are.

See David Fountain’s videos on YouTube. He is the guru of teachers pensions, which are soooooo complicated at the moment.

Thanks for not making me feel stupid! I’ve had an email saying I need to make a choice but it did say especially if near retirement which alas I am not. When I logged in it just said I have to check my statements are correct and it did also show me my final salary A and B but no option. I will have to go back to my old paper payslips when I have chance before confirming but it did seem that there was some sort of choice I had to make soon.
i will watch that video thank you.

I've been teaching since 1996 so the majority of my pension is in Final Salary - my lump sum has increased massively but yearly pension has dropped slightly. Apparently this will rectify itself before I retire.

There's a great Facebook group called Teacher Pensions - Teacher to Teacher (U.K.) lots of questions answered on there.

@Karwomannghia

If you go on to the transition period calculator, it should give you different outcomes depending on whether you count the transition period as final salary or as career average, there are even little graphs too!

As a previous poster said, you don't need to decide now unless you are retiring soon.
I also had the same email and panicked!
After reading the stuff on the TPS website, plus the statements from NEU, I think it is just clumsily worded. I definitely won't be filling in the form

Thank you!