care about your future

We work hard to avoid using jargon in all our communications with you but some terms are unavoidable. These are explained here. We’ve also included some terms which we try not to use but you will often see in communications about pensions in general. If there are any terms you don’t understand but which aren’t explained here, please let us know using the Contact Us tab.

Faster accrual

Subject to certain conditions, you can elect to pay extra contributions to increase the rate your pension builds up (known as the accrual rate). You can choose from three rates depending on your budget and how quickly you would like your pension to grow:

1. 1/45

2. 1/50

3. 1/55

HMRC

HM Revenue & Customs

Normal pension age (NPA)

The age at which you can choose to retire from the scheme and have the full value of your pension paid. For the Teachers’ 2015 scheme, this is linked to your State Pension age.

Pensionable pay

This is the pay we use to work out your contributions to the scheme and how much benefit you will earn. It is your normal pay plus certain regular allowances.

Pensionable pay

This is the pay we use to work out your contributions to the scheme and how much benefit you will earn. It is your normal pay plus certain regular allowances.

Pensioner re-employment

If you return to work after accessing your pension you must inform SPPA, as this may have an effect on the benefits payable to you. 

Protection

Full protection

If, on 1 April 2012, you were paying into the Scottish Teachers’ Superannuation Scheme and you were within 10 years of your normal pension age you will not join the Teachers’ 2015 and you will continue to earn benefits in the Scottish Teachers’ Superannuation Scheme.

Tapered protection

You did not immediately join the Teacher’s 2015 scheme if, on 1 April 2012, you were paying into the Scottish Teachers’ Superannuation Scheme, and you were within 13 years and 6 months of your normal pension age. Instead, you will continue to earn benefits in the Scottish Teachers’ Superannuation Scheme and join the Teachers’ 2015 scheme at a later date depending on your age.

You will receive a letter from SPPA if you qualify for either full or tapered protection.

All other members automatically joined the Teachers‘2015 scheme on 1 April 2015.

 

Retirement factors

These factors are applied to your pension if you take it at a date other than your normal pension age. They will reduce your pension if you take it early and increase it if you take it late.