Teacher Pension after a break of more the 5 years

[Steph919]

Hello,

I was hoping someome knowledgeable may be able to help me make sense of this please.

I started teaching in 2014 and left to pursue something else (not joining another public service pension scheme) half way through the academic year 2021-22, so after about 7 years and a few months of service. I am part of both the final career and career average schemes but I believe I was only in the former for a matter of months after I started teaching.

I’m considering returning to teaching when my youngest child starts reception ideally. This, however, will be after a five year break from teaching. I’ve been told by a teacher neighbour I should really get back before a five year break because I’ll get a better pension rate.

I did call TP to explain why exactly but they were pretty vague and said I should speak to a financial advisor. So I’m wondering what would this break of over five years mean for my Teacher Pension? What are the benefits, in terms of my pension, of rejoining the profession before a break of five years - obviously beyond more years of being in the scheme? Does it make that much difference if I go back before five years away, as opposed to eg eight years away?

Thank you in advance!

Join the Teachers Pension board on Facebook run by David Fountain. The amazing people over there will be able to answer this.

Thank you for this. This is a great resource. For some reason, it’s not letting me send a message.

Just join the Facebook group and ask your question

This is the group

Ah, that makes sense. Another teacher pension group was suggested when I typed his name too. Thank you.

I believe the main (maybe only?) Difference is that if you rejoin the scheme within 5 years, you continue on with your old pension. That would means that it would begin to increase at CPI + 1.6% again. Now, only the new part you start will increase at that rate and the first chunk will increases normally at CPI. In addition the final salary part won't be effected by what ever pay you get now.

She went over and joined the Facebook group as I saw her question.

@dootball thank you for confirming what I was told by David Fountain on FB.

@BG2015 , thank you again for pointing me in this direction. As I said, this is a really useful group. I wish I knew about it years ago.

It's a great group. I've retired early this year because of the advice David Fountain gave me 5 years ago.