Whenever you read about pensions, you will see the phrase pensionable service. This pensionable service directly influences the pension benefits you receive upon retirement. Your teaching service history is directly relevant to this pensionable service and relates to the Teachers’ Pension Scheme record about your career to date.
Who tells the Teachers’ Pension Scheme about my service history?
When you start teaching in a school, they will automatically enrol you in the Teachers’ Pension Scheme. As well as taking your contribution from your salary before taxation, the employer will also pay a contribution too. Your pension is part of your conditions of service and an agreed part of the remuneration you receive in all participating schools.
However, some independent schools were given the option to opt-out of the Teachers’ Pension Scheme, and any work done in these institutions will not count towards pensionable service and will not show on your teaching service history. Therefore, you may wish to check your status with your school’s management and seek advice from an independent advisor.
What part do I play?
Ensuring an accurate record of service is essential. You can check this service history by logging into My Pension Online. Also, if there is an error in your record, you need to contact your employer at the time of this service and ask them to investigate. The employer should contact the Teachers’ Pensions to ensure your record is updated.
If you are unsure about any of this, you can contact an independent advisor, who will talk you through how you can rectify your Teaching Service History. The amount you receive as a lump sum and benefits in retirement and family benefits is calculated using this record; it is essential to monitor it carefully.
The content in this article was correct on 28th April 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.