Hi David. The 5.5% has been a little unfortunate for me as it coincided with me taking a TLR in the last year and in terms of method A, I've been pushed over the restricted salary limit. I've also decided that I want to stop teaching at the end of 2025. I've asked TP about this, but received no response. My question is this: If I stop teaching but wait a couple of years to claim my pension benefits, will the restricted salary provision still apply to my last three years of teaching, even though I'm a deferred member at this point?
No, the restriction will still apply and there is no way I can think of that could help other than to continue working for longer. The higher salary does get to be used in full with the Method B though, so it may be that your Method B will use the 3 years from 1 Sep 2022 to 31 Aug 2025.
@@dfountain Thanks for your reply David. I had a couple of breaks in service as well in the last 30 years, so I'm hoping a hypothetical will be equal to my current salary, though I won't know for sure until I get benefits. Thanks for these videos they are so useful.
Hi David. I am 58 atm. Should I take my tax free 25% sum from my lump sum before the October 2024 budget by Chancellor. All the conversation is around Labour taxing our lump sum withdrawal. Thanks.
It is unlikely that you would be able to arrange to do it in time. If you are employed as a teacher the next resignation date is 31 December and if you are not employed then you have to give a minimum 6 week notice period to claim the pension, both of which mean you cannot take the pension before the end of October. My, totally unqualified, opinion on this is that the "smoke" being blown around on this issue comes from the trend in media, some elements of it in particular with axes to grind, to create "click bait" headlines that imbue a sense of panic and concern with no substantive evidence to support the headline.
David I am in a phased retirement was wondering if you could ask a question I am in transitional payments I have not had a remedy but am now .6. Will this have any effect on my payment due to not having the remedy as yet.
Sorry, but what is Method B? Also, you mention Final Salary a lot. I thought teachers were on Career Average, so not sure of the relevance. For teachers on Career Average, how do things change, if at all?l
Teachers who joined before April 2015 will have some service (or a lot of service) in one of the final salary schemes. When the career average scheme came in the final salary pension was not "moved" into the career average scheme, it remains as a separate pension and uses salaries going forward into the future (even though those would not be adding to the career average scheme.) Method B is the average of the best 3 years worth of salaries, after they have been revalued to account for inflation, over the last 10 years.
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Hi David. The 5.5% has been a little unfortunate for me as it coincided with me taking a TLR in the last year and in terms of method A, I've been pushed over the restricted salary limit. I've also decided that I want to stop teaching at the end of 2025. I've asked TP about this, but received no response. My question is this: If I stop teaching but wait a couple of years to claim my pension benefits, will the restricted salary provision still apply to my last three years of teaching, even though I'm a deferred member at this point?
No, the restriction will still apply and there is no way I can think of that could help other than to continue working for longer.
The higher salary does get to be used in full with the Method B though, so it may be that your Method B will use the 3 years from 1 Sep 2022 to 31 Aug 2025.
@@dfountain Thanks for your reply David. I had a couple of breaks in service as well in the last 30 years, so I'm hoping a hypothetical will be equal to my current salary, though I won't know for sure until I get benefits. Thanks for these videos they are so useful.
Hi David. I am 58 atm. Should I take my tax free 25% sum from my lump sum before the October 2024 budget by Chancellor. All the conversation is around Labour taxing our lump sum withdrawal. Thanks.
It is unlikely that you would be able to arrange to do it in time. If you are employed as a teacher the next resignation date is 31 December and if you are not employed then you have to give a minimum 6 week notice period to claim the pension, both of which mean you cannot take the pension before the end of October.
My, totally unqualified, opinion on this is that the "smoke" being blown around on this issue comes from the trend in media, some elements of it in particular with axes to grind, to create "click bait" headlines that imbue a sense of panic and concern with no substantive evidence to support the headline.
David I am in a phased retirement was wondering if you could ask a question I am in transitional payments I have not had a remedy but am now .6. Will this have any effect on my payment due to not having the remedy as yet.
The part you have taken as "phased" is not affected by subsequent pay rises. This can only have an impact on the parts of the pension yet to be taken.
@@dfountain thank you.
Sorry, but what is Method B?
Also, you mention Final Salary a lot. I thought teachers were on Career Average, so not sure of the relevance. For teachers on Career Average, how do things change, if at all?l
Teachers who joined before April 2015 will have some service (or a lot of service) in one of the final salary schemes. When the career average scheme came in the final salary pension was not "moved" into the career average scheme, it remains as a separate pension and uses salaries going forward into the future (even though those would not be adding to the career average scheme.)
Method B is the average of the best 3 years worth of salaries, after they have been revalued to account for inflation, over the last 10 years.
@@dfountain Thanks.