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CHANGES TO TEACHERS' PENSIONS
The Department of Education has madechanges to teachers' pensions from 1st April 2007.
The main CHANGES FOR EXISTING MEMBERS are:
• Minimum retirement age 55 by 2010 (except ill-health)
• Automatic part-time membership
• Dependants benefits payable to unmarried partners
• Spouses' and nominated partners' pensions paid for life
• The better of the last year's salary or the ‘re-valued (in line with RPI) average of the best three consecutive years' salary in the last ten years of service' to be used for calculating benefits at retirement
• Revised ill-health retirement package – tiered approach with a higher level of benefits for total incapacity, lower level for partial incapacity
• More scope to take a higher tax-free lump sum and a lower level of pension
• Facility to purchase up to £5,000 of added annual pension
• An increase in the death grant to three times salary
• Phased retirement arrangements. These will enable NITPS members, under defined circumstances, to continue working as a teacher within the NITPS while drawing down some of their accrued pension benefits
• Actuarially reduced benefits
PLEASE NOTE THAT FROM 1 ST APRIL 2007 IT WILL NOT BE POSSIBLE TO BUY ADDITIONAL SERVICE UNDER THE CURRENT OR PAST ADDED YEARS SCHEMES.