Not as good as it was!
A teacher's pension is good, in comparison to other (non DB) pensions, but the new version is far inferior to the original final salary scheme I signed up to years ago. I am now no longer able to retire until state pension age, which delays my...
Read more A teacher's pension is good, in comparison to other (non DB) pensions, but the new version is far inferior to the original final salary scheme I signed up to years ago. I am now no longer able to retire until state pension age, which delays my retirement plans by 7 years!
The website is not too bad - it cannot predict accurately the pension of someone who is on both schemes (both Final Salary and CARE), though, which will be many people since the recent switch to the CARE scheme. Other thann that, it's quite easy to log in and keep an eye on how your pension is growing over time, and that is much better than the old annual paper statement we used to receive.
On balance, I would recommend anyone eligible to sign up for the TPS - it still trumps most private and employer pensions, and anyone who can do should certainly not hesitate to join.
