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Teachers' Pension Scheme

Your pension scheme is an excellent one that pays a lump sum and a monthly pension which depend on your final salary and not on the contributions you have made.

The rules of the Teachers' Pension Scheme are very complex and the only way to receive good advice and information relevant to your individual circumstances is to consult the Teachers Pension Agency (TPA).

The TPA site has a calculator that allows you to work out your approximate pension and lump sum due. The Adency will send you a full calculation if you contact them by email from the site. You do need to register and you will need your Teachers Registration number, eg 69/12345

State Pension

When you reach the state retirement age you will be eligible for the basic state pension, based on your National Insurance contributions over your working life.

To receive the maximum state pension you will need to pay NI contributions until you reach the state retirement age.

Tax

You have to pay income tax on your pension income, though your lump sum from the Teachers' Pension Scheme is tax free in UK.

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The advice on this site is the opinion of the owner. The success of the strategies outlined here will depend on the abilities and efforts of the individual. No responsibility can be accepted for any loss, financial or otherwise, that may arise from individuals following this advice.