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Because of the experiences we have seen teachers
suffer, we find it essential to ensure that our members do not fall into traps
that have snared our own members.
In this section, former Lambeth Secretary Grainne
Monks who has sadly died since retirement was insistent upon members being
aware of where they stood in relation to the pensions scheme. |
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Please contact us if there's any problem in
relation to TPS - especially part - time staff. |
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For any advice call the Regional Office on 020
8846 0600 or Graínne on 020 8677 2812 |
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Pensions
In view of a recent tragic case with
one of our members it is salutary to address ourselves to the, boring to the
young and young in heart, subject of pensions. |
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Opting Out
Full time
teachers are assumed to be in the pension scheme unless they ask to opt out.
However, employees new to Lambeth should check their first few payslips to
ensure that deductions are being made. Members need to be informed that the two
years salary paid to the estate of a teacher who dies in service is part of the
pension scheme and not part of the employment contract. If new teachers
have any ideas of opting out of the pension scheme, they should be urged to
seek advice from the Union as it is a very reckless move to make.
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Opting In Part time teachers have to fill up a form to
opt in to the pension scheme. Despite much urging from the unions, the
Authority does not try very hard to advocate joining the scheme to part timers.
All new part time staff need to opt in to the scheme even if they have come
from another employment where they were opted in. Part timers should be
reminded that the pension is ultimately calculated in days of service and over
a few years part time service does accumulate to a respectable sum. As with
full timers new staff should be reminded to check their early payslips.
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Benefits for a few
There may still be a few
ageing, mostly female, teachers who drew out superannuation when they started
families. If they drew that superannuation before 1st July 1973 they can
buy back those years for a very favourable rate of what they paid in plus 3per
cent compound interest. That may sound a lot but they would have been paying
very small contributions at that time. I am sure that I have no need to tell
you that, unlike insurance companies the Teachers Pensions have no need to sell
their scheme to anyone. The scheme was negotiated with a half reluctant
government and its index linking gives some protection against inflation. It is
impossible for somebody who is now 25 to know what kind of income they
will-need when they reached the age of 60.
The Pension Scheme is the safest option. |
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