The Teachers’ Pensions Scheme finds itself in an interesting dilemma. Since September it has been the responsibility of the scheme to tell you about your rights and your options with regard starting or leaving your pension. Before September this responsibility was with your school business manager. Now, even though the school is still required to enrol you in your pension on employment, they do not have to provide contact information that would allow the TPS to keep you up to date. This is the problem. The scheme can only send letters to your school address. There is no way they can be certain that you are receiving this information via your employer.
Staying in touch with your rights and options regarding your pension is essential to making solid choices for your future. Therefore, the Teacher Pension Scheme (TPS) are prompting members to create an MPO (My Pension Online) account. Alternatively, members should ensure that they have an email for you on file.
The reason to act
You have a right to information from TPS if you are a newly qualified teacher, if you are transitioning to the CARE arrangement (Career Average), if you have changed employer, if you have re-entered teaching after a period in alternative employment, or if you have or are about to leave eligible service or have opted out.
This starter or leaver information will be based on the salary and the service information received from the employer. This is where it becomes the responsibility of the teacher to make sure the details held by TPS are accurate. If there is an error, then it is an idea to speak to your schools’ business manager rather than contact TPS directly in this instance. Unfortunately, only your school can rectify incorrect details of this kind held by the scheme.
There are many online guides to help you manage your Teachers’ Pension Scheme. It is always a good idea to seek access to the information directly, if you are to keep your pension in line with your expectations.
The content in this article was correct on 26th December 2018. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the status of your pension. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.