There are a number of issues you will need to be aware of when you have retired and are drawing your pension from the TPS, including re-employment after retirement, part-time working, pension increases and death benefits.
These issues are covered in detail by ATL's pension factsheets, which can be downloaded from the right-hand column. If you are in the Local Government Pension Scheme (LGPS) or the Universities Superannuation Scheme (USS), you should consult the scheme literature or ask your employer about rules on reemployment.
Pensions Increase Factor
Teachers' pensions in payment will increase from 9 April 2012 by 5.2%. Teachers who have retired since April 2011 will receive a proportion of the increase.
Pensioners under the age of 55 in receipt of pensions will not receive the pensions increase until their 55th birthday unless the pension has been awarded on the grounds of ill-health. Pensions paid to dependents are increased irrespective of age.
The Public Service Pensioners' Council
Through the Public Service Pensioners' Council (PSPC), ATL campaigned against the introduction of this change, as it has a negative impact on the income of the lowest paid.
Pensioners below State Pension Age are particularly affected as they do not have an increased personal allowance.
After a lot of press and opposition to this change, the government announced measures to compensate those adversely affected. ATL eagerly awaits the details of this compensation.
To find out more about the PSPC's activity and representation, please visit its website at www.publicservicepensioners.org.uk
Need more help on pensions?
For further information or for specific advice on pensions issues, please contact the pensions team at ATL's London office. The telephone number for pensions enquiries only is 020 7782 1600. Please ensure that you have your membership number and relevant papers to hand when contacting ATL.
Planning for your retirement involves many important and sometimes complex decisions. Endsleigh has been appointed by ATL as the preferred provider of financial advice, should you wish to seek this. Please visit their website or call 0800 917 8875 for more details. Telephone lines are open Monday – Thursday 9am – 8pm and Friday 9am – 5pm. Retirement planning DVDs and seminars are available upon request.