Teachers' Pensions

Will my benefits increase?

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How your benefits increase is dependent on whether they are in the final salary or career average arrangement.

Final Salary Arrangement

If you’ve benefits in the final salary arrangement , these benefits are protected and will remain in final salary. They’ll be increased in line with inflation.

Career Average Arrangement

If you’ve earned benefits in the career average arrangement then they’ll continue to be index linked but at a lower rate than when you’re in service.

If you return to pensionable service after a break of less than five years then the benefits you earned before your break will be revised and index linked as though you had never been out of service. Those benefits and any future ones will continue to be index linked at the higher in-service rate as long as you remain in service.

If you return to pensionable service after a break of more than five years then the benefits you earned before your break will continue to be index linked at the lower rate after your return to service. Any future benefits you earn will be index linked at the higher in service rate as long as you remain in service.

Your Benefit Statement

You can access your statement at any time to see what your benefits are currently worth. It’s worth reading through this to check it's accurate. You’ll find it online in My Pension Online. Here’s what to do if you think your salary or service information may be incorrect or incomplete:

Your first port of call should be the employer who employed you at the time you think your details are incorrect, as it’s the information they provide that goes into your statement.

However, if you had more than one employer and you have queries, you need to get in touch with us first and we can provide a breakdown of your periods of multiple employment. Unlike your Benefit Statement which aggregates this information, we’ll give you details of your individual employers and periods of employment. This way you can fully check your record and contact the relevant employer.

Last Updated: 27/09/2017 14:41

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Resource

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