While one of the best ways to manage your teacher pension is with independent financial advice, you can learn more from the recently released Teachers’ Pension Scheme members’ video collection.
Getting to know your pension
Teachers are well aware that they benefit from a generous pension scheme, and they also realise that we pay a significant sum from our salaries into the scheme each month and our employers contribute too. This long-term saving scheme offers more than the pension benefits upon retirement, and there are many more things to know about your pension.
From registering to your My Pension Online portal to understanding Transitional Protection, the 23 videos available on the Teachers’ Pension Scheme website are insightful and informative. Understanding how the additional benefits within your pension work and what actions you might want to take.
Moving beyond informed to advised
While these videos are a useful resource, the Teachers’ Pension Scheme is not allowed to advise on your personal circumstances. The videos offered highlight all the issues and decisions that might impact you but do not hint at how this means you should respond.
Once you know your teachers’ pension a little better, you should then reach out to an independent financial advisor. The advisor can contextualise your current context with the complexities of the Teachers’ Pension Scheme.
Making the most of the benefits
There is much more to your pension than the retirement pay you will get when you are a pensioner. Getting informed and then reaching out for advice will empower you to make the most of your pension scheme.
The content in this article was correct on 28th February 2022. 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.