Over the past couple of years the teachers’ pension scheme has been running on a bit of deficit, hence the reason the new TPS is rather tame in comparison to the old one. With that in mind in the past two years, on two separate occasions, the TPS has restricted people from taking their pension out of the scheme. This basically meant that if you were looking to retire overseas and wanted your pension out of the UK, you couldn’t have it! The situation doesn’t appear to be getting any better and the likelihood of another embargo is imminent! It seems like they reduced the transfer values as well. Not good.
Worth a look into if you’re in for the long haul.
Teachers Pension
Comment
Thanks for the update, I dont keep as close an eye on the UK market as I use too. Globally teacher retirement and pensions are facing reductions in benefits. Factors effecting financial planing for educators generally reflect the state of regional economics.