However, research from the Office of National Statistics shows that male and female teachers are likely to live to 83 and 86 respectively. With average life expectancy increasing all the time, it is reasonable to assume that we are likely to live even longer than this.
Nationwide, Teachers have the longest average lifespan of any public employee, according to the Society of Actuaries. Men who teach live on average until nearly 88 years old, while women who teach live on average to be 90, according to a Society of Actuaries study.
Early retirement
Normal Pension Age in the Teachers' Pension Scheme is either 60 or 65, depending on which section of the scheme you're in. However, you can take an early retirement from age 55 (proposed to rise to 57 by 2028).
If a member is 55 or over, they can ask to access their retirement benefits before their Normal Pension Age (NPA)The age at which you're eligible to claim retirement benefits without actuarial reduction.. The minimum pension age is changing from 6 April 2028, when it will rise from age 55 to 57*.
How much your annual pension as a teacher will be is calculated by multiplying your average salary by your years of service, then dividing it by 80. That means for a teacher employed full time and retiring when they are 60 with an average salary of £30,000, your pension will be £30,000 x 25 / 80 = £9,375 per annum.
One of the great benefits of a teaching career is a secure pension that will help you save for your future. The teachers' pension scheme is one of the most generous in the country.
As the Teachers' Pension Scheme was contracted-out of the Additional State Pension, the Scheme provides the equivalent of the Additional State Pension as part of the teacher's pension.
If you take Age retirement and make the application while in pensionable service, you'll receive your lump sum on the day following your last day of pensionable service.
This means that someone who enters teaching before age 25 with a bachelor's and accumulates 30 or more years of service can usually retire sometime between age 55 and 60. In most states teachers are eligible for retirement without penalty once they turn 60 even with less than 30 years of service.
The State Pension age is currently 66 years old for both men and women but will start gradually increasing again from 6 May 2026.
The full new State Pension is £203.85 per week. The only reasons you can get more than the full State Pension are if: you have over a certain amount of Additional State Pension. you defer (delay) taking your State Pension.
If you were in the final salary scheme a long- term pension for an adult survivor is 1/160 of the final average salary for each year of your survivor benefits service. In the career average scheme the long-term pension is the value of 37.5% of the pension you've earned up to your date of death.
The earliest retirement benefits can be paid is age 55, unless you're granted ill health benefits.
A 2021 study on Occupation-Based Life Expectancy found that people working in non-skilled general, technical and transport domains lived on average 3.5 years less than those in academic professions. Those working in the transport sector had the shortest life expectancy, and teachers had the longest.
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70.
Although small in number, studies that have considered teacher sleep around the world have consistently shown that teachers average 6.5 to 6.8 hours of sleep per night,12-15 which is less than the recommended 7 hours of sleep per night for adults,16 and is considered chronic partial sleep deprivation.
According to the Australian Bureau of Statistics, in 2018–19 the average retirement age for someone working in the education and training sector was 60.4 years. Whether you're early in your teaching career, or getting close to retirement, it's important to plan ahead.
Member contribution rate
The employer contribution rate hasn't changed since 1 September 2019 and remains 23.68%, which includes the 0.08% administration levy. Employer contributions are based on the pensionable earnings paid to the employee in the pay period.
Can I draw my teacher's pension and work as a teacher? Yes, you will remain entitled to your pension. If you have taken phased retirement or actuarially reduced benefits your pension will not be affected.
A final salary pension, or defined benefit pension scheme, is a type of workplace pension that will pay you a retirement income for life. The amount you will receive in retirement is calculated using your salary when you retire or your average salary.
According to Nursing Times, a newly qualified nurse in England and Wales on a salary of around £27,000 would pay around £183 of their basic salary into their pension each month.
Your employer contributes towards the cost and the government also helps out through tax relief, as you don't pay tax on pension contributions. As a member of the Teachers' Pension Scheme, you're contractually enrolled into the Scheme from day one.
How much do Scottish teachers pay for their pensions? The contributions are based on teacher's 'pensionable pay' and are between 7.2% to 11.9%. The amount you contribute is dependent on your salary. Your employer pays 23% of your pensionable income towards the pension.