The Teachers Pension is a Defined Benefits pension scheme which can be based on either Final Salary or Career Average.

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Your Teachers Pension is an extremely valuable benefit which provides you with a guaranteed income in retirement, in some cases a tax free lump sum and death in service benefits worth three times your full time equivalent income.

There are currently three versions of the Teachers’ Pension scheme depending on your date of birth, when you started making your contributions and if you have had any significant breaks in service.

You can currently retire from aged 55 onwards although this age could be increasing in the near future to 57.

If you want to retire earlier than your normal retirement age of 60 for the NPA 60 Scheme, 65 for the NPA 65 Scheme or State Pension age for the CARE Scheme an actuarial reduction will be applied to your Teacher’s Pension.

The size of the reduction applied to the pension of a teacher retiring early will depend on exactly how early the pension is accessed and which scheme or schemes they are members of.