Jasmine Birtles answers your questions in an exclusive pensions and retirement Q&A for GBN membership. Have you got a question about your pension? Get in touch by emailing money@gbnews.uk.
Question: "How do I find out what pension I accrued while teaching? I left before Covid to care for elderly members of the family and have not returned."
Jasmine replies: I am pleased that you kept up with the pension scheme while you were a teacher.
Worrying news came out last week from investment house Wesleyan that 14 per cent more teachers left the Teachers’ Pension Scheme (TPS) in the last year.
The main reason for this was affordability, although many others withdrew from the TPS because they were joining a private pension scheme.
It’s understandable that teachers, like other workers, feel under financial pressure right now, but if at all possible I would recommend to every employed person that they contribute something to a workplace pension scheme. Your future self will thank you!
A retired teacher who left the profession to care for elderly loved ones has wondered how much they have in their pension pot
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As to your question, happily it’s pretty straightforward as you can apply to the Teacher’s Pension organisation and they will let you know.
David Braithwaite, a financial advisor and founder of Citrus Financial explains.
He says: “It’s pretty straightforward to obtain information from the Teachers’ Pension. Their website gives heaps of helpful information.
"From there you are able to register, see and manage your teacher’s pension (there is even a video to show you how), and there are also calculators and guides to show you how they work.
“In fact, most large employers have similar information on their own pensions websites, and I am always amazed at how little the resources provided are actually used by pension-holders.
"I understand that pensions can be scary to think about, but the more you get to know how they work, the less scary it is.
"More importantly, the more you know about how your retirement is shaping up and how changes you make can impact you, the more you are empowered to do something about it and make sure you have a rich retirement to look forward to.
“The government also has a brilliant website at www.MoneyHelper.org.uk which is another vastly underused free resource and a great way to learn about both workplace pensions and private and state provision, and how it all works.”
Mike Ambery, Retirement Savings Director at Standard Life, part of Phoenix Group adds: “Caring for others is selfless and while it can be rewarding, it’s incredibly difficult and I hope all is well with yourself and the person or people you care for.
MORE FROM JASMINE BIRTLES:
The good news is that it should be fairly easy to find your teacher’s pension using the Government’s Pension Tracing Service.
"The website will direct you to a specific site for teacher’s pensions, depending on where in the UK you live.
"If you’re not comfortable using the website to manage your pension, you could also try calling or writing to them.
"Before you make contact, make sure to have your National Insurance number to hand.”
Jasmine Birtles is founder of MoneyMagpie.com. Sign up to her free, fortnightly investing newsletter here.
