What will stay the same?
You will continue to receive a guaranteed income in your retirement.
You will keep the pension and lump sum you have already earned and this will remain linked to your final salary on retirement.
Regardless of any changes to teachers’ Normal Pension Age or the State Pension Age, you will retain options to retire at any age between 55 and 75.
Those within 10 years of normal pension age on 1 April 2012 will see no change to the age at which they can retire, and no change in the amount of pension they receive when they retire.
What is proposed to change?
A move from a final salary pension to a career average pension scheme.
A phased increase to teachers’ Normal Pension Age in line with changes to the State Pension Age.
A rebalancing of employee and employer contributions to provide a fairer distribution between members and other taxpayers.
When will this happen?
The intention is for a phased increase to employee contributions from 2012.
The other reforms are proposed for 2015.
Call me picky, but there doesn't seem to be a lot of change there.
- We still work until we're well beyond the age that anyone can function effectively as a teacher.
- We still have an average salary assessment rather than final salary meaning we'll lose out.
- We will still pay more and as a result of the previous point, get less.
All another strike will do is alienate the popultion once more as they have to take days off or pay for child care.
Less and less desirable...
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