We have been made aware some NAHT members are being contacted by organisations who are offering financial advice for Teachers’ Pension Scheme (TPS) members on their options and the choices they may need to make because of the Transitional Protection Remedy.

The majority of TPS members who are eligible for the Transitional Protection Remedy will not require the services of an independent financial advisor (IFA) to understand their remedy options at retirement. 

Teachers’ Pensions has provided member guidance on your options, which is likely to answer most queries, and is providing the Remediable Service Statements (RSS) to members that will contain the necessary information to assist the member in being able to make an informed decision on rollback options and retirement benefits.

NAHT believes that the RSS will make matters clear for most members and few will need the assistance of a financial advisor unless their personal circumstances are particularly complex, or if members want the comfort of this sort of professional advice. It is worth noting that additional support and guidance is available through HMRC to help individuals with their tax affairs. 

As noted above, where a member’s particular circumstances are not straightforward, for example where there are complex tax implications requiring specialist support, it is important to wait until you have received your RSS and have been contacted by Teachers’ Pensions regarding your options and the choices you need to make for you to be able to make an informed decision, which may or may not mean you needing to contact an independent financial advisor.