Teachers’ Pensions Presentations
Changes to the Teachers’ Pension Scheme (TPS) have provoked widespread anxiety amongst the teaching profession. Our presentation to teachers dispels some of the myths and helps members of the TPS understand how they will be impacted by the changes and what they can do to influence their retirement benefits.
We run over 70 presentations per year at schools right across the UK and it is a popular addition to the traditional INSET Days at the beginning of term.
Included in our service is a subsequent day of 1:1 meetings with individual teachers who have specific questions they need answering. Often those over 55 who are thinking about their retirement are quite keen to understand how they can access their benefits early.
Anti Age Discrimination legislation will now allow teachers and support staff to work on until State Retirement Age (66 from 2018, 67 from 2028).
Further, the TPS has now aligned its retirement age to the State Retirement Age for all members aged under 46 ½ as at April 2012.
Many teachers over 55 would quite like to retire early but are uncertain whether they will have enough to live a comfortable life. For some it could be in their own best interest to retire early (and in the best interest of the school), but neither party is willing or able to open ‘negotiations’.
We have the capabilities and expertise to help members decide the very best course of action, should early retirement be an option. Often members are better off taking their benefits early but are completely unaware of the options open to them.
We work with the member and employer to build a sensible, cost effective solution to the significant benefit of both parties.
Serious Ill Health
Those members of the TPS who suffer from serious ill health may need specific advice regarding how best to utilise their scheme benefits. If a member is diagnosed with a terminal illness, they may well be better off transferring their entire pension entitlement out of the TPS, thus protecting significantly higher financial benefits for their heirs.
This work is complex, but the member can be 100% certain that their accrued benefits will be maximised for themselves and their heirs. Each person has unique requirements and need sensitivity combined with clear direction on what is best for them.