Status: Active | Role: Full-time Head of Department

Thinking about her plans for life after work and what she may need.

Joy is 45 and is currently a full-time Head of Department and has been contributing to her teacher’s pension for 14 years. She took a break from teaching for a short period when she first started, which meant she had to stop paying into her pension with the Scheme, but then re-joined when she came back to work.

She’s a transition member and has benefits in both the final salary and career average schemes so will need to take this into account when she plans her options.

With retirement getting closer, Joy would like to try and make up for the pension she lost when she took her break from teaching and is thinking about ways in which she can do this.

What can Joy do?

Joy should make use of the online resources and read the FAQs and factsheet on flexibilities. She can also use the flexibilities online calculator to see the maximum extra pension that can be purchased in each arrangement of the Scheme. She should go online and make sure she is registered for My Pension Online to check out how her pension is doing and apply for the flexibilities when she’s ready.

Do you sound like Joy? Here’s what you can do:

1. Use the online tools and calculators for information on flexibilities and the options available
2. Register for My Pension Online (MPO) to keep on top of your pension and apply for flexibilities
3. Check out the ’Planning retirement’ member guide to start familiarising yourself with the available options at retirement.

Important Note

Increasing your benefits could have consequences in relation to the Annual and Lifetime Allowances. Before you make any decision, you should seek independent financial advice on the possible tax implications of proceeding with your application.