Are you in the fortunate position to already have a pension with another provider? If you do, it could be possible to transfer your pension from your previous pension into the Teachers’ Pension Scheme. Your previous scheme will need to meet the HMRC rules, and the scheme must be willing to pay a transfer value.
If you would like to transfer your old pension into your new Teacher Pensions’ Scheme, you have 12 months to complete this process. Whether you are entering teaching or returning to education after a period in another career – you must make arrangement within 12 months. You will also need to act if you have earned a pension while teaching in Scotland or Northern Ireland.
Depending on your status, you may be able to retain the right to enter the Final Salary arrangement. However, if you do not have this right, you will be joining the career average arrangement. You may wish to speak to an Independent Financial Advisor, who will let you know the differences here. The advisor will also be able to help you understand the positives and negatives of transferring your pension into a public service pension scheme.
The content in this article was correct on 10th March 2020. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.