TEACHERS
"Education is the passport to the future, for tomorrow belongs to those who prepare for it today."
Malcolm X
Human Rights Activist
Tavistock for Teachers
Tavistock Partners (UK), are a well established firm of Independent Financial Advisers specialising in personal financial planning for teachers and their families.
We also provide talks/seminars to staff in schools to provide education on the Teachers Pension Scheme and the effects of the Hutton Report. We have advisers based throughout England and Wales who are ready to help you with a personal financial planning meeting in your own home or at school. Our specialist teacher advisers have over 100 years experience in advising teachers so you can be assured of the best advice, tailored to your specific needs.
Teachers Pensions
Everything you need to know about your pension.
When can I retire?
The date you can retire depends upon a number of factors.
School Talks
We have years of experience talking to teachers about their finances.
Family Benefits
In the event of your death a pension is payable to your beneficiaries
1. You receive a guaranteed income in retirement through the Teachers’ Pension Scheme.
2. You pay into your pension – and so does your employer.
3. The size of your pension is calculated by adding together all your periods of service.
4. It’s a Defined Benefit Scheme, registered with HM Revenue and Customs, based on your salary and service rather than investments – so there will be no nasty surprises when you come to claim your pension.
5. Your pension will be a regular source of income when you retire – but you can also take some of it as a tax-free lump sum.
6. If you’ve a family or other dependants, your pension can give them an income after you die.
7. Your pension is index-linked, and is reviewed annually.
8. If you’re sick you may be entitled to ill health benefits.
9. To boost your pension benefits you may be able to make extra contributions.
10.You may transfer other pension benefits within one year of joining the scheme.
What else should you know about your pension?
Your pension is designed so its value is protected against rising prices. You can even buy extra pension credits to boost your benefits, or in some cases transfer pension credit over from another scheme provided you do it within a year of joining the scheme.
You’ll still get the Basic State Pension on top of anything you get from the Teachers’ Pension Scheme. So your pension is designed to take care of you when you retire. That doesn’t just mean when you reach normal retirement age. If you have to stop working through ill-health you may get your pension early. And should the unthinkable happen and you die before you retire, your family may be paid your pension benefits.
When can I retire?
It all depends when you started your career. Significant changes to the Scheme were introduced on 1st April 2015. The first thing to do is establish what type of member you are. This link will help you
However, if you were a member of the Teachers’ Pension Scheme (or its equivalent in Scotland or Northern Ireland) before 1 January 2007 then things are different. Your normal pension age will be 60 – provided you haven’t had a break in service of more than five years.
But I had a break!
If you are out of pensionable employment for more than five years ending after 1 April 2015 it can have an impact on the benefits you can receive (we sometimes refer to this as a disqualifying break):
- It may mean you enter a different arrangement to the one you left (i.e you may return to career average as opposed to the final salary arrangement). More information about the different arrangements is available in the active member guide.
- If you had final salary and career average benefits when you left then the salary link between your final salary and career average benefits may be broken if you return to pensionable service after more than five years. That means when you take your benefits we will use the salaries at the time of the break to calculate your final salary benefits. If you were out of pensionable service for less than five years then we’ll use the salaries you’ve earned in career average.
- If you return to pensionable service after more than five years then the benefits you earned before your break will continue to be index linked at the lower rate after your return to service. Any future benefits you earn will be index linked at the higher in service rate as long as you remain in service.
If your break is as a result of you working elsewhere in the Public Sector, then you might not lose the salary link, and you might return back to the final salary arrangement.
With Revolutionary Thinking, we can plan your refuge and plot your course together
“Education is an ornament in prosperity and a refuge in adversity.”
Aristotle
384 BC – 322 BC
The Tavistock Group manages the personal wealth of tens of thousands of people and over £1Billion of investments, providing them with financial advice and access to investment products and services.
We do not charge for initial consultation meetings. If you would like a face-to-face meeting, feel free to pop over to our office or we can always can come to you.
Give us a call today on 01432 343322 and ask to speak with one of our advisers,
or email discover@tavistockpartnersuk.com
School Talks
Our team of Financial Advisers have many years of experience talking to teachers about their finances. We offer a free presentation service to schools because we believe that all teachers should have the education they need regarding their pension scheme to allow them to make confident, informed decisions.
The talk usually last for 20-30 minutes and our advisers are flexible to fit around the school day. If you want the talk to be part of a training schedule on an INSET day or during an after-school meeting, we can be available at a time that suits you.
Some of the topics we cover include:
- How the pension scheme works.
- How the proposed pension reforms might affect your finances in retirement.
- How to free up money now to save for the lifestyle you want in the future.
- How to claim the tax relief you are entitled to.
- How to check if you’re getting the best deal on existing plans.
Why not contact us today to book your talk or complete the contact form below and we’ll be in touch.
Contact Us
We would love to answer any questions and/or schedule a complimentary consultation. Please call us or send us an email by completing the form below.
If you would like to speak to an adviser in your local area, please leave a message below (including your postcode), and an adviser will contact you as soon as possible.
Alternatively, use the 'Adviser Finder' page here >
Please also indicate which services you are particularly interested in:
01432 343322
Head Office - Hereford
Tavistock Partners (UK)
Kemble House, 36-39 Broad Street, Hereford, HR4 9AR
Tavistock Partners (UK) Limited is authorised and regulated by the Financial Conduct Authority, FCA number 230342.
Tavistock Partners (UK) Limited is a wholly owned subsidiary of Tavistock Investments Plc
Registered in England Registered Office: 1 Queen’s Square, Ascot Business Park, Lyndhurst Road, Ascot, Berkshire SL5 9FE, Company Number 5709133
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