Fact sheet - Increasing your pension benefits

Related leaflets and forms for download

How can I increase my pension benefits?

• You can buy extra pension.
• You can transfer pension credit from another pension scheme.
• You can pay back contributions.
• You can take out an Additional Voluntary Contribution (AVC).

Can anyone do this?

• Yes, provided they are in pensionable teaching employment.
• You can also make other pension provision whether or not you are in the scheme.

How do I buy extra pension?

• You can either pay a lump sum or have additional contributions deducted from your salary.
• You will be able to claim tax relief on the additional contributions.
• For further information, see the Additional pension fact sheet.

How do I transfer my previous pension credit?

• You must apply within 12 months of entering teaching service.
• The credit you receive will depend upon a number of factors such as your age, salary and the value of the transfer offered.
• For further information, see the Transfers leaflet.

How do I pay back contributions?

• You can only pay back contributions that were repaid to you before 1 July 1973.
• You will have to pay the original amount plus compound interest. This will restore the service period that relates to the contributions.
• You will have to make a one off payment unless the total amount payable is more than £500.
• For an application form please refer to Related forms and leaflets.

How do I take out an AVC?

• The in-house provider is Prudential, but you can use other providers.
• There is no limit to the amount you can contribute to an AVC (within the annual allowance).
• For more information, contact the Prudential at Teachers’ AVC Department, Prudential, Craigforth, Stirling, FK9 4UE.
  Telephone: 0845 0700 007
  Website: http://www.pru.co.uk/teachers/
• If you wish to make additional provision outside of the scheme, you may wish to consult your financial adviser.

Where there is any difference between the legislation governing the Teachers’ Pension Scheme and the information in this fact sheet the legislation will apply.