The Teachers’ Pension Scheme (TPS) is one of the most important and valuable benefits available to teachers.
You are automatically enrolled in the TPS if you are a teacher in a state-funded school or college. A large number of independent schools and other private sector employers of teachers also enrol teachers in the TPS. Some supply teachers are also enrolled in the TPS.
If you are unsure about whether you are enrolled in the TPS, you should check with your employer.
If you need general information about the Teachers’ Pension Scheme, the most comprehensive source is the Teachers’ Pensions Member Hub.
Members approaching retirement should be aware that they need to apply to start drawing their pension three to four months before the date they wish their pension payments to start. More information on applying for the teachers’ pension and the relevant claim forms can be found on the Teachers’ Pensions application FAQ page.
Retirement planning advice
The NASUWT has become aware of organisations which claim to offer teachers advice on retirement planning and charge very high fees for this advice.
Because trade unions are prohibited in law from providing individual financial advice, the NASUWT is in partnership with Wesleyan, which provides members with financial advice on pension changes through personal face-to-face meetings or though ‘Planning for Retirement’ seminars that can be held at your school.
If this is of interest to you, please contact Wesleyan on www.wesleyan.co.uk/appointment.