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The staffroom

Whether you're a permanent teacher, supply teacher or student teacher, you'll find others in the same situation on our Staffroom forum.

Pension - Anyone else had this email?

4 replies

MissAtomicBomb1 · 28/12/2023 21:47

The TPS emailed in October about the transitional pension arrangements. Apparently I'm affected by this, as I was in the old final salary scheme and have been moved across to the new career average scheme.
The original email implied I could choose which option would be best for me when I retire, however I've had another email today saying I need to let them know else they'll decide for me! Anyone else in the same boat? Have you gone for the final salary option?

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SabbatWheel · 28/12/2023 22:16

Log in to the teachers pensions website and check on your benefit statement what they’ve done.
I’m a transitional member and in October they transferred the McCloud years from 2015-22 back into Final Salary for everyone who is transitional I believe. From 1.4.22 onwards everyone is in Career Average.
When you retire, they will give you two forecasts, one as it is now and one as it would have been if those 7 years had remained as career average. You can then choose which forecast option to take.

MissAtomicBomb1 · 28/12/2023 23:16

Thanks, I've checked my forecast and it's been rolled back as you said.
It's quite clear that we get the choice at retirement so I'm confused as to why I need to return the form to them.
The only thing I can think of is that I worked a couple of non contracted days in early 2021 and these aren't pensionable under final salary so the money gets reimbursed. They don't make it very clear though!

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BG2015 · 29/12/2023 06:49

Are you on Facebook? Lot of answers about this on the Teachers Pensions- Teacher to Teacher (U.K.) page.

It's a really good page.

Also on YouTube check out David Fountains videos about retiring/pensions.

MissAtomicBomb1 · 29/12/2023 16:49

Thanks for recommending the Facebook page. I watched one of David Fountain's videos and now I understand!

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