Understanding how much is stored in your pension fund can help you make decisions about your future. While the Teachers’ Pension Scheme cannot offer you a projection of your final benefits, they can keep you updated with your pension’s current status.
You can view this benefit statement on the Teachers’ Pension Scheme website by registering for My Pension Online.
While it is interesting to see your pension benefits’ status, you should also view your benefit statement to check for accuracy. The Teachers’ Pension Scheme has recently updated how the benefits statement is displayed, making it easier to understand your service.
The Teachers’ Pension Scheme now collect monthly data drops from your employer rather than annually. Therefore, the benefit statement can now shop reckonable service month by month. You can also use this monthly record of your service to check that the record is as you expected it to be. If you see a problem, you can address this immediately with your current or past employer, making sure your benefits are always accurate.
The content in this article was correct on 22nd January 2021. 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.