As soon as you enter the teaching profession, your employer will enrol you in the Teachers’ Pension Scheme. You will be expected to make contributions to this pension. The good news is that your employer will also make contributions too. After two years of service, you will accrue enough service to benefit in retirement. Therefore, it is never too early to track the state of your pension, and you can do this through My Pensions Online.
What is My Pensions Online (MPO)?
My Pensions Online is a portal that will provide you with up-to-date information about your pension. It is the best way to stay completely informed about your pension. To sign in to your pension account, you can go to www.teacherspension.co.uk and register for an account.
If you are a serving teacher, you can see your most current Annual Benefit Statement. You can also use the portal to submit forms and manage your pension once you are retired.
What else can you do?
Dependent on your status, you can use MPO modellers to estimate your final lump sum or other pension benefits you could enjoy. It is also the place where you should go to nominate your financially dependent relatives. Remember, your pension allows you a grant in the event of your death that will pass to your next of kin and any nominated beneficiaries.
MPO is also the place where you should keep your personal details up to date. If you change your name or your employment status, you can inform the Teachers’ Pension Scheme directly through the portal.
In short, MPO is the go-to place for anything to do with your pension and your future retirement.
The content in this article was correct on 19th July 2019. 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.