How The Teachers Pension Works (Final Salary & Career Average)

In this video we look at how the Teachers pension works and explore the different components to it. We look at the differences between the career average and final salary schemes and how they interact if you happen to be a member of both schemes. We also look at how you build up pension benefits, how the accrual rate impacts the eventual pension availble to you, what happens if you retire early from the Teachers pension and what happens to your pension if you pass away - either whilst you are still in Teaching or retired and drawing your pension.

TIMESTAMPS:
01:09 Why are there three different schemes within Teachers pension
03:33 How The Final Salary Scheme Normal Pension Age 60 works
05:15 How The Final Salary Scheme Normal Pension Age 65works
08:09 The McCloud Judgement
09:21 The Teachers Pension - Career Average
11:35 What happens if I retire early?
12:35 What happens to my teachers pension when I die?

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The content in this video is provided for information and entertainment purposes. It should not be construed as direct or indirect financial advice. You must thoroughly research any potential financial or investment decision and fully understand the risks before taking it. If in doubt, you should seek Independent advice from a professional adviser. Tax rules and legislation is subejct to change. HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. The Financial Conduct Authority does not regulate tax planning. The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested. Past performance is not a reliable indicator of future performance and should not be relied upon.