Pension options;Helpline

11th June 1999 at 01:00
I am leaving teaching in my forties to start a fresh career. What happens to my pension under the Teachers' Pension Scheme?

You have two options. You can leave your pension where it is and it will be frozen until your 60th birthday, when you will receive it, with the added benefit of index-linked increase during the intervening years.

Alternatively, if your new employer is operating a pension scheme, you can ask the Teachers' Pension Agency about the possibility of transferring your money to a new fund.

You might be interested to know that the teachers' scheme allows a person leaving teaching to continue to contribute to the scheme for a maximum of three more years. This may only be done at the salary level you were at when you left, plus annual awards, and you will be responsible for the employer's contribution as well as your own. Your new employer may be prepared to pay that to you instead of into an alternative scheme.

I strongly advise you to seek advice from your union or from an independent financial adviser before you make any irrevocable decision.

Subscribe to get access to the content on this page.

If you are already a Tes/ Tes Scotland subscriber please log in with your username or email address to get full access to our back issues, CPD library and membership plus page.

Not a subscriber? Find out more about our subscription offers.
Subscribe now
Existing subscriber?
Enter subscription number


The guide by your side – ensuring you are always up to date with the latest in education.

Get Tes magazine online and delivered to your door. Stay up to date with the latest research, teacher innovation and insight, plus classroom tips and techniques with a Tes magazine subscription.
With a Tes magazine subscription you get exclusive access to our CPD library. Including our New Teachers’ special for NQTS, Ed Tech, How to Get a Job, Trip Planner, Ed Biz Special and all Tes back issues.

Subscribe now