There has been an increasing fragmentation of the education system, with many more small employers of teachers. Not only is the system more fractured, but teachers’ careers are more likely now to span multiple organisations. The consequence of this changing landscape of employment could be inaccuracy in your pension record.
How to check your records
The growing number of reports of inaccurate pension records can quickly be addressed. Members of the Teachers’ Pension Scheme can register with My Pension Online (MPO) to check the details held by the scheme. Not only will this let you know your current entitlements, but also allow you to double-check the details that are stored about your career.
To sign up, you will need an email address and your national insurance number. The Teacher Pension Scheme will collate information provided to them from your employers.
Why is this so important?
For those members in the Career Average scheme, members need to check all the details. Every year of your career is a data point in the calculation towards your final lump sum and pension fund. Therefore, you need to make sure each year is accurately accounted for in the records held by the teacher pensions scheme.
However, for those in the final salary scheme, an inaccurate record can also impact on your expected income from your pension. Therefore, better to deal with errors now rather than later when you are applying for retirement.
What to do when there is an error
You cannot change your pension records directly. It is up to your employer to send through the appropriate data that influences your record. You can contact the Teachers’ Pension Scheme direct for advice, but they will likely direct you back to the schools you have worked within.
If you have any concerns about your pension, you could also approach an independent financial advisor. This advisor will be able to offer you guidance as to what your records say and where there might be gaps or errors.
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.
