This webinar is presented by Wesleyan Financial Services. Both speakers are Wesleyan financial advisers, and Wesleyan sells financial advice and products to teachers; this is general information, not personal financial advice, and HeadteacherChat has not checked it against your own pension record. Published 21 November 2022, so scheme rules and tax allowances are as they stood then; the lifetime allowance has since been abolished (from 6 April 2024).
What this covers
- What membership of the Teachers' Pension Scheme provides for members and their families, and its main features and options.
- Changes to the scheme and how they affect lump sum payments.
- Provision for ill-health and death.
- Worked examples of how payments are calculated, and how to vary contributions.
- Annual and lifetime allowances as they stood in November 2022, and the McCloud judgement.
- Why to plan early, and saving and investing for lifetime goals.
Before you act on it
Check your own service history and benefits with Teachers' Pensions, the scheme's administrator, and current tax limits in the GOV.UK guidance on the pension annual allowance. Your State Pension forecast is separate from the Teachers' Pension Scheme.
About the session
Lucy and Jonathan are joined by the team at Wesleyan Financial Services.
John Cunliffe, Specialist Financial Adviser
At the time of recording, John had worked in financial services for 19 years, including two UK high street banks, and for the previous six years at Wesleyan giving financial advice to people working in education.
Robert Surtees, Specialist Financial Adviser
At the time of recording, Robert had 22 years' experience in financial planning, including at NatWest and True Potential Wealth Management, and more than five years at Wesleyan.
They discuss:
- What membership to the Teachers’ Pension Scheme provides for you and your family
- An overview of the features, benefits and options of the Teachers’ Pension Scheme
- The changes that have happened within the scheme and how it affects you and the lump sum payments you will receive
- What provision is made for you and your family in the event of ill-health or death
- Examples of how payments are calculated and how to vary your contribution
- Maximising your annual and lifetime allowances (as at November 2022; the lifetime allowance was abolished from 6 April 2024)
- Why it is important to start planning early and avoid incurring any penalties
- The McCloud Judgement
- Financial planning through savings and investments for lifetime goals
