Consultancy for Teaching Staff

Teachers' Pension Scheme

One hour presentation to teaching staff on the Teachers Pension Scheme, including:

  • Calculation of Benefits
  • Early Retirement
  • Actuarially Reduced Benefits
  • Stepping Down Arrangements
  • Improving Your Benefits
  • State Pension Benefits
  • Dependents Benefits

Teachers' Financial Health Check: Basic 

  • Nomination of Beneficiaries: necessary to lodge this form with TPS to ensure dependents receive scheme benefits
  • Statement of service from TPS: obtain statement and check its accuracy
  • State Pension Forecast: Apply to DWP for state benefits forecast via BR19 form (over 50s)
  • Net income forecast: provide individual with a projection of their net income at retirement 

Teachers' Financial Health Check: Standard

Will provide an accurate forecast for each individual member of their expected pension income at retirement and show their income net of tax, to include:

  • Teachers' Pension Benefits payable at normal retirement age
  • State Pension Benefits payable at state pension age
  • Other pension scheme benefits

Teachers' Financial Health Check: Advanced

Is for members who want more than simply a Standard Service. We will project the income required in retirement and provide a total solution to meet that income need. This will take into account all existing pension provision and create a plan to cover any shortfall. This will also include an Early Retirement analysis. Normally suitable for senior members of staff and Headteachers. 

At Retirement Planning 

  • Will assist the member with the application for benefits from Teachers' Pensions, and confirmation that their assessment of benefits is correct
  • Will liaise with any AVC provider (usually Prudential or Norwich Union) to ensure seamless payment of benefits
  • Will advise whether benefits earned via Teachers' Pensions should be taken from an alternative source. Relevant for members who are single, in same sex relationships or who are seriously ill

Premature Retirement Planning 

  • Will assist the member with the application for benefits from Teachers' Pensions, and confirmation that their assessment of benefits is correct
  • Will assist member in claiming State Benefits such as Incapacity Benefits and Attendance Allowance
  • Will assist with tax free income opportunities

Early Retirement Planning

Will illustrate how a teacher can gain access to their pension benefits early, thereby extending their statistical life expectancy. Includes:

  • Present day assessment of benefits
  • Projection to chosen retirement date
  • Net income calculation
  • Recommendations on how to improve benefits payable

Retirement Seminar 

A full day looking at retirement issues for those over 55 including:

  • Teachers' Pension benefits
  • Improving income at retirement
  • Managing the transition (external speaker)
  • Health issues (external speaker)
  • Inheritance Tax and Wills (external speaker)
  • Tax and how to avoid it
  • Investing for income
  • Working with charities (external speaker)
  • The impact of Long Term Care