What is the Teachers’ Pension Scheme?
The Teachers’ Pension Scheme (TPS) is a contributory scheme administered by Teachers’ Pensions (TP) on behalf of the DCSF. It is a defined benefit ‘final salary’ scheme and is one of the most important and valuable benefits available to teachers. The TPS not only provides you with regular income after you retire but also can provide your family or other dependants with financial protection in the event of your death. Many of your questions about teachers’ pensions can be answered through the Teachers’ Pensions website particularly their FAQ page and there is a plethora of information on the site and even a pension calculator which can help you find out what you may be entitled to once you retire.
Many teachers ask about retiring on ill health grounds. This is still possible despite what you may have heard, but is not easy to secure. However, please contact the office if you would like further information and we will talk you through the process and give advice on whether there are reasonable prospects available to you based on your specific circumstances. There are other options available, such as taking some of your pension now and working part-time whilst still contributing. This can be a good way of ‘winding down’. Once again, get in touch for details, or look at the TP website.
Although we can give information on the pension scheme and various options, we cannot give you financial advice on what is best for you, as we are not FSA registered. We recommend, if you do want financial advice regarding your pension that you contact Wesleyan for Teachers who do give independent financial advice.
Pensions Service Website
For information about your State Pension Benefits, including an on-line pensions forecast of your State Pension, information on how to work out what your state pension age should be, try the Pensions Service website. Much of this information has now been moved to the Directgov site. Click here to visit the section on state pensions.