Things to note about your pension

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  • If the effective date of the order is after the Pension Debit Member’s Normal Pension Age (NPA) but they haven’t claimed benefits, they’ll be treated as a retired member and benefits will be backdated to their NPA. The pension share would be based on a member’s Cash Equivalent Transfer Value (CETV) and therefore an automatic lump sum wouldn’t be payable to you.
  • While the pension sharing order will express the amount of pension being shared as a % of the CETV, the CETV can change during the time that the divorce is being finalised, and therefore the level of benefits payable to you may change.
  • If service and or salary changes were made to the Pension Debit Member’s record, this would affect the CETV value and in turn your benefits.
  • Your pension credit benefits are payable in full when you reach your Normal Pension Age, but you can apply for them from the minimum pension age. Pensions taken early, prior to the NPA, will be reduced to reflect that they’re being paid before you’ve reached your NPA.
  • If you remarry, you’ll continue to receive your pension as a pension credit member of the Scheme.
  • Your pension is paid for life and increased in line with the cost of living - even if your ex-spouse/partner dies.
  • You can’t transfer your benefits out of the Scheme or transfer in other benefits from another pension scheme.
  • You’re unable to purchase additional flexibilities.
  • You’re unable to nominate anyone to continue to receive your teacher’s pension when you die.
  • If your ex-spouse or ex-civil partner is affected by the Transitional Protection changes, any choice they make regarding their retirement benefits won’t affect you or your own pension.
Last Updated: 22/11/2024 10:35