Teacher Pension Opt-Out

[PensionPuzzle]

Hi
Name-changed for this, hoping someone who deals with school type payroll might be able to help. I am a teacher being made redundant on last day of summer hols and will be starting mat leave, receiving SMP, at the same time. No controversy there, I know the NI deductions will be big as will the tax but at least I can reclaim some of that later in the year.

Now to my question- I know that opting out of TPS is normally a ridiculous idea. But I have established with them because of the SMP being in a lump I will be on break in service straight away. I would like to leave the TPS ONE MONTH early to keep a bit more of my last pay and SMP. I intend to get life insurance to cover the time I'm not in the TPS- no mortgage so don't currently have any. It's not perfect but I'll be on a break til I get a new job so on balance I'm happy to lose one extra month in the circumstances.

Can anyone tell me how to time submitting the opt-out form so it's actioned for my last (massive) pay packet but not the one before, please?

Hoping this is the right place to post!

Check with your pension scheme but I don't think it's just one month pension you will lose out on as they technically still need to pay your pension during paid maternity leave so you may be losing out on about 9 months worth of pension not 1.

Sorry I just see you established with them there will be a break in service right away but I'm not sure this is right.

What day of the month do you get paid? What is latest date for changes to payroll?
www.teacherspensions.co.uk/-/media/documents/member/applications/joining-or-leaving-the-scheme/opt-out.ashx?rev=dba3d5f3918848f094625a3610e77f09&hash=4683D0D89C097C2FAEC8357C6A2B5547

For example, If you get paid on last day of month and payroll close is 26th then you give notice on the 27th of the month before you leave. The pension change (stop) should be from 1st of the following month I.e. the month you leave.

Ah that makes sense. We get paid on the 29th or nearest day before and the payroll close is usually the 10th but seems to be a moveable feast.... I've checked with the pension admin where I work after hunting for an email address and they said to do it at the end of July so as to pay nothing in August. Sounded a bit too simple but there we go...

I know there's a thing in TPS that the first 6 weeks of SMP is pensionable service but that's one complication too far for me at this stage in the game 😂