Teachers’ Pension Scheme
The Teachers’ Pension Scheme is one of the largest public sector pension plans in the United Kingdom, providing retirement, disability, and survivor benefits to teachers in England and Wales. As a defined benefit scheme, it offers members a pension based on their career-average earnings rather than their final salary, which aims to provide a fair and sustainable method for calculating retirement benefits. The scheme is contributory, with both teachers and their employers making regular contributions towards the cost of the benefits. The Teachers’ Pension Scheme is integral to the recruitment and retention of teachers, reflecting the government’s commitment to ensuring that educators are supported in their retirement years. Its administration involves careful management of funds and assets to meet future liabilities, thereby securing financial stability for its members. The scheme also adapts to legislative and educational policy changes, ensuring it remains responsive to the needs of current and future educational professionals.
Are you someone who transferred out of the Teachers’ Pension Scheme?
In addition to the reward of being able to shape young minds, the job of being a teacher also comes with one of the very best pensions out there. Those teachers that have transferred funds away from their pension might have unfortunately given away a guaranteed income for retirement that is based on their salary and swapped it for a lot less than what they would have received otherwise. Teachers’ pensions are highly safe and give lots of very good benefits, which allow teachers to enjoy a comfortable and secure retirement.
It is very rarely a good idea to transfer funds out of a teacher’s pension and it comes with the risk of putting your funds into a pension that is unregulated and can potentially lose a lot of money. Some financial advisors out there have earned themselves as much as 15% commission from persuading teachers to transfer their pension.
It can be very upsetting to find out that the advice you took was not right and very few know that you are entitled to compensation for the advice received. This is where we can help, as we are experienced at helping people who have been missold pensions.
If this is something that has happened to you, why not get in touch, and have an informal conversation with one of our experts? They can provide you with advice completely free of charge and when it comes to our fees, we are much cheaper than our competitors. This is because we do not buy client data, and we do not operate call centres.
When it comes to paying our fees, you only do this if your claim has been successful and after you’ve received financial redress.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
