Transfer OUT of the TPS

If you have under 2 years in the scheme then before you reclaim a refund of your pension contributions consider the alternatives.

2023 UPDATED TABLES - every 4 years the factors used to calculate the value of the pension are reviewed. The 2023 update has seen a marked increase in the value of the cash transfer amounts.

[chrisbrickel]

Hi David. I think I may have screwed up and wonder if you could confirm. I had a Final Salary 80th Pension while working for an independent school A from 2003 to 2011. I then took a break and returned to teaching in 2022 to school B. However before returning to teaching and not really understanding how DB worked, I transferred my school A pension to another private pension with a cash value of around £11K. The TPS website still shows the school A contributions (along with the career average school B contributions) but have I now lost the benefit? Should either of the providers have made it clear what I was doing? Any advice appreciated. Cheers. Chris

[andycarter]

Hi appreciate this is an older video. Are you certain TPS allows a transfer if you have less than 2 yrs service? Their site only offers a refund of payments.

[spencerosei]

Have been teaching since 2008, however opted out from sept 2008 until August 2016. I opted back in September 2016 until the present. If I want to make up those years lost during opt out, how do I got about this? Faster acrual ? I am currently 39. Help on this would be appreciated.