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Understanding your Teachers’ Pension statement

Get expert support to understand your Teachers’ Pension Scheme (TPS) statement

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Why your pension statement matters

Your Teachers' Pension Scheme (TPS) statement shows you what your pension is worth and how your benefits have increased over time. Knowing what it’s telling you is key to your retirement plans.

If you’re still working as a teacher and contributing to the TPS, your pension statement will be updated monthly.

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Where can you find your pension statement?

You can access your statement on the Teachers’ Pension website by navigating to ‘My Pension Online.’ If you don’t have an account, you can create one on the member registration page using your National Insurance Number and a personal email address.

What does your pension statement show?

Along with an overview of your pension benefits, your pension statement provides a detailed breakdown of your scheme and how your benefits are calculated.

Your benefits per scheme

Teachers who joined the TPS prior to 2015 may be part of both a final salary scheme and a Career Average (CARE) scheme. Your statement will show the benefits you have in both.

Your service history

This section will show the years of service used to calculate your benefits. If anything is missing from your history, you should contact the school you were working at during that period to update it.

Your salary of reference

Your salary of reference (SAR) is used to work out your benefits. It’s calculated using your best three consecutive years of salary from the past ten years. If you work beyond your normal pension age, your SAR will be used to calculate what you can earn before triggering the abatement rule.

Your lump sum amount

If you are eligible to receive a lump sum at retirement this will be visible on the first page of your statement. You will not receive an automatic lump sum if you are in the 1/60th final salary arrangement or the CARE scheme.

Looking for help to understand your statement?

Understanding your pension statement is critical for getting a clear picture of what your pension benefits might look like. If you want support to make sense of your statement, the Education Support Team at Wesleyan Financial Services can help.

How can we help?

Frequently asked questions

There is no charge for an initial meeting with the Education Support Team. However, if the purpose of your meeting is to obtain a personalised projection, you will be charged £250 + VAT. You will only be charged once you have agreed to this service and the associated costs.

If you’re meeting with a Specialist Financial Adviser, they will explain any charges as part of an initial conversation. This conversation is at no charge, and allows you to agree the areas in which you would like our help and advice.

You will only be charged once you have agreed the services you wish to receive from us, and the associated costs.

Learn more about our charges here.

If you’re meeting with the Education Support Team to discuss your Teachers’ Pension (TPS), we may ask you to share your latest TPS statement with us ahead of the meeting. This allows us to understand your circumstances in advance, and for our Education Support Specialist to talk through your statement during the call.
You’ll need to log into your ‘My Pension Online’ account on the TPS website to download a copy of your statement. Navigate to ‘Benefit Statement’ and select ‘View Current Statement’ to download a PDF copy.

An initial meeting with an Education Support Specialist will usually last around 30-45 minutes and will take place via video call.

Pension projection meetings are more detailed and can take up to two hours.

Yes. You should thoroughly review your service history before making an appointment and contact the school you were working at during that period to get your history updated. The TPS cannot make any changes to your service history without confirmation from the school.