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What happens when I leave?

If you leave teaching service, you have three options open to you depending on how long your service is.

• Leave your service in the scheme:
  • You can leave your pension benefits in the scheme as all periods of reckonable service are added together and used to qualify for benefits. If you have not qualified when you leave, you may qualify later if you return to teaching and claim your benefits at NPA. All ‘preserved’ benefits are increased with the cost of living. They are index-linked from the date you leave.
• Transfer your pension to another scheme:
  • If you take up other employment and you want to transfer your pension rights you must apply before NPA. You can only transfer them if the new scheme will accept a transfer. The new scheme must satisfy HMRC requirements. If the transfer is to a scheme that cannot accept the GMP liabilities, the GMP element can be transferred to a Personal Pension Scheme or a Section 32 buy-out with an insurance company.
• Take your contributions out of the scheme if you have less than two years’ service:
  • If you have been out of pensionable employment for one month and you have not qualified for benefits, you can take a repayment of contributions. You will find more details in the fact sheet Leaving Pensionable Employment.

What happens if I leave my service in the scheme?

• If you leave your pension in the scheme, it will be index linked.
• You can apply to have your pension paid when you reach Normal Pension Age (NPA), provided you are qualified for benefits.
• You can apply for Actuarially Reduced Pension if you are over 55 and meet the qualifying criteria.
• If you return to teaching at any time before NPA, all subsequent pensionable service will be added to your original service and the total amount used in the calculation of your retirement benefits.

A deferred member is a member of the TPS who has left service and has not yet retired. For further details please refer to the Deferred Members as at 31/12/2006 factsheet.