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Teachers pension calculator
Start from the career average pension on your Benefit Statement. Each year you keep teaching adds 1/57th of your salary, and what you have built rises by inflation plus 1.6% a year. Everything is in today’s money.
Now see it beside everything else
Your Teachers pension is one piece. Isaac adds your State Pension, other pensions, savings and spending, takes off tax, and shows how long your money lasts.
- Each Teachers section with its own pension age
- Taking it early, at the pension age or later, compared
- Plan as a couple, with your partner’s pensions too
- Free to start. No card. iPhone, Android and web
- Each year adds
- 1/57th of that year’s pensionable pay
- Revalued by
- inflation (CPI) plus 1.6% a year while you pay in, then inflation after you leave
- Paid in full from
- your State Pension age, or 65 if that is later
- Tax-free cash
- Optional: £12 for every £1 a year of pension given up
Everything is in today’s money. Taking the pension before the age above reduces it for each year it’s paid early; the scheme’s own factors set by how much.
How this calculator works
It starts from the pension you have already built up, from your latest statement. Each year until you stop paying in, it adds 1/57th of that year’s pay and revalues everything so far by inflation (CPI) plus 1.6% a year. After you stop, the pension keeps pace with inflation until it is paid. All figures are in today’s money, so a pound in the answer buys what a pound buys now.
If you have final salary service (pension age 60 or 65), the McCloud remedy may let you choose how your service from April 2015 to March 2022 is paid. This calculator covers career average; the Isaac app adds each arrangement with its own pension age.
Questions
When is my Teachers’ Pension career average paid?
In full from your State Pension age, or 65 if that is later. You can take it from 55 (57 from April 2028) with a reduction, or later with an increase.
How does the career average scheme build up?
Each year adds 1/57th of that year’s pensionable salary. While you teach, the total is revalued each April by inflation (CPI) plus 1.6%. Once you leave, it rises with inflation.
How much tax-free cash can I take?
You can give up some pension for a lump sum at £12 for every £1 a year of pension. The most you can take is 25% of the value of your benefits, which works out at about 4.3 times the pension before you give any up. The calculator shows both.
For more on the scheme, read our Teachers’ Pension Scheme guide.