Why should I be in the Teachers’ Pension Scheme?
Your teachers’ pension will be the cornerstone of your retirement income. Benefits include:
- a substantial contribution from your employer to your pension – 23.6 per cent of your salary – alongside your own contribution;
- a regular income after you retire and the right to a tax-free lump sum payment at retirement
- ill-health benefits if you become too ill to teach; and
- financial protection for your family and other dependents after you die.
The Teachers’ Pension Scheme is extremely valuable. Don’t opt out!
Final salary section
If you joined the TPS before 2015, some or all of your pension will be in the final salary section.
Am I eligible for a pension?
To be eligible to receive a pension from the Teachers’ Pension Scheme you must have completed a certain minimum length of service. This is:
- two years’ pensionable employment at any time after 5 April 1988;
- two years’ pensionable employment at any time, if you were in pensionable employment on 6 April 1988; or
- five years’ pensionable employment at any time.
If you’re working part-time, your service counts at its full time equivalent for purposes of qualifying for a pension. Like full-timers, you only need two years’ pensionable employment at any time after 5 April 1988 for example to qualify.