Sometimes life takes a turn, and you cannot be responsible for your personal financial concerns anymore. At these times, you may choose to put a Lasting Power of Attorney (LPA) in place, giving the responsibility to another trusted person.
As your teacher’s pension is an integral part of your financial affairs, it is vital to inform the Teachers’ Pension Scheme that you have applied for and had a Lasting Power of Attorney implemented.
If you have registered your LPA in England or Wales, on or after 17th July 2020, you can now inform the Teachers’ Pension Scheme using the new online service. Clearly, any time when you are seeking to transfer control over your finances to another person is a challenging time. Consequently, this service offers convenience and efficiency just when it is needed. The service allows the administrators at the Teachers’ Pension Scheme to check your LPS online, and you will not have to send through paper copies.
Be aware, if you have an LPA from before 17th July 2020, you will need to send an original and certified copy of the document to the pension scheme.
Seeking an LPA is a big step and has wide-ranging ramifications. You may wish to seek advice from an independent financial advisor who will be able to explain what happens and who needs to know about your decision.
The content in this article was correct on 17th December 2020. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on your Teachers’ Pension Scheme. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.