If the monthly pay date falls on a weekend or bank holiday it will be paid on the previous working day or, if you were born on 31st of the month and your pension would normally be payable on the 30th and there is no 30th in a month, then your pension will be paid on the last day of that month. If you have a lump sum as part of your pension benefits it is usually paid on the same day as the pension starts. The exception is when this falls on a weekend or bank holiday, in which case the lump sum payment will be made on the next available working day. For example, if the payable date is Sunday 1 September, any lump sum will be paid into your bank account on Monday 2 September.
When you start claiming your state pension, the Government may pay some of the increase on your teacher’s pension with your state pension. This is because you may have an entitlement to a Guaranteed Minimum Pension (GMP) in the state scheme.
The GMP consists of two elements:
When we receive confirmation of your GMP from HMRC, we’ll adjust your pension.
If you’re not entitled to a GMP, you’ll receive the full increase from the Teachers' Pension Scheme. If you look at the information provided with your P60 you’ll see a breakdown of how the different elements of your pension have been increased.
If you’ve any further questions about state benefits or GMP, please contact the Department for Work and Pensions (DWP) on 0845 300 0168.
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