Teachers' Pensions

Payments

You'll find the answers to the most frequently asked questions about payments here.

  • When will I receive my lump sum?

    If you’re eligible to receive a lump sum there are different potential payable dates, determined by the type of retirement you take and your status at the time you complete your application.

    If you take Age retirement and make the application while in pensionable service, you’ll receive your lump sum on the day following your last day of pensionable service. If you’re out of pensionable service at the point of making your application, you’ll receive your lump sum 10 working days from the point that we receive your application.

    If you take Early Retirement (AAB) and make the application while in pension able service, you’ll receive your lump sum on the day following your last day of pensionable employment. If you’re out of pensionable service at the point of making your application, you can pick your own payable date providing that it’s no earlier than 6 weeks after the date of making your application and you remain out of pensionable employment until after this date.

    If you take Phased retirement, you’ll receive your lump sum on the first day that your salary drops down to the agreed level.

  • When will I receive my first monthly pension payment?

    You’ll receive your first monthly payment on the same date as your lump sum (if applicable), however, as your pension is ordinarily paid monthly on the day before your birthdate, if you are paid part way through the month this may result in a partial payment. The first full month’s payment will then be made the following month.

  • How often will my pension be paid?

    Your pension will be paid monthly on the day before your birthdate. So, for example, if you were born on the 7th of the month, your pension will be paid on the 6th of each month.

  • What if I move abroad?

    Living or moving abroad will not affect the sterling amount of your pension. However the amount you receive in the local currency may change based on currency rates. Your payment is sent in sterling and then a foreign exchange rate is used to convert the pension amount into the local currency prior to the payment reaching your account.

  • How is my Teachers' Pension converted into the local currency?

    Payments are made from us in Sterling (GBP), and are then converted into the relevant currency.

  • Is there a fee to receive my Teachers' Pension overseas?

    Yes, there is a £1 charge to receive your pension outside of the UK.

Forms

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Forms

Calculators

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Calculators

FAQ's

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FAQs

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