For Members
Teachers' Pensions
Payments

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 pensionable 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 normally receive your first pension payment on a different date to when you receive your lump sum. Your lump sum will normally be paid on the date you become entitled to your pension award. Your monthly pension is paid on the day before your birthdate. For example, if your birthdate is the 18th of the month you will be paid on the 17th.

    Depending on the date you become entitled to receive your pension, your first monthly payment will not be a full month’s payment if the gap from the entitlement date to your birthdate is less than a month. The first full monthly payment will then be made the following month. If your birthdate is the 1st, you will be paid on the last day of the preceding 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.

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