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Lambeth Teacher with Lambeth NUT

Pensions - the Final Insult aimed at all public sector workers
The new proposals, still to be finalised, will affect all teachers under the age of 50 on 1.9.03. The NUT is committed to action, including we presume industrial action in order to stop the proposals going through. The table below is an explanation / summary of what it might mean to you if the proposals go through. Also, we have links to other documentation. Doing nothing is not an option!

Proposed Pension Age Changes - A quick Guide.

Age and Circumstances Can retire at 60? Pension contributions unchanged ? Early retirement full pension at 50 (other than ARP)
Reach 50 by 1.9.03 Definitely Yes Yes
Not 50 1.9.03, already teaching or will start by 31.8.06 If retiring before 65 may be subject to actuarial reduction for service accrued after (or potentially accrued) after 1.9.13 Up till 1.9.13 - then based on retiring at 65 Other than ill health, unclear
Starting after 1.9.06 LOnly Actuarily reduced - lose up to 25% Will be based on retiring at 65 Will be based on retiring at 65

This is based on information from NUT Circular 03/142 Note: There is to be a review / consultation period up till Spring of 2005 before any changes come into force for new teachers in 2006. Latest: The TUC affiliates in education are up in arms about this and are embarking on a campaign of action. Anybody not yet 50 must realise that the proposals are an affront to your lifetime earnings. It might be a long way off but if you are now only 23 your retirement conditions in 40 years time will in real terms be considerably worse than colleagues now 53. Make sure you support the TUC action calls on this!

Part of the 10,000 strong demonstration in June

Pension Age Change - NUT Circular (PDF Format)

Pension Age Change - NUT News (PDF Format)
Opting out and opting in - advice
Pensions - Legal Framework
Early Retirement - Advice
NUT Circular to TPS
Pensions increases for 2002(PDF file)
Pensions- contributions advice
Pension rights for unmarried partners (PDF)
conference policy adopted by NUT 2003
Actuarially Reduced Pensions
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