Teachers Pension Scheme (TPS 2015) rules
TPS 2015 is a career-average defined benefit pension. Teachers accrue 1/57th (1.7544%) of pensionable earnings each year, index-linked to CPI.
Normal Pension Age is linked to your State Pension age. Teachers can exchange £1 of annual pension for £12 of tax-free cash up to 25% of the capital value.
Worked example: UK teacher pension
A teacher with an average pensionable salary of £42,000 and 20 years of service accrues an unreduced pension of £14,737 per year (£1,228 per month).
Inputs for the uk teacher pension calculator
01
FTE Salary & Service
Enter full-time equivalent salary and years in scheme.
CALCULATOR QUESTIONS
UK teacher pension calculator questions
Can teachers take early retirement in the UK?
Yes, teachers can retire from age 55 (rising to 57 in 2028), but benefits are actuarially reduced to reflect the longer payout period.