Transferring out of the Teachers Scheme
Transferring your benefits to another pension scheme
You can ask for a transfer payment to be made to your new public sector employer’s pension scheme. The transfer payment will be equal to the cash value of your benefits. You must apply within 12 months of the date you left the scheme and before we start paying your pension benefits.
For a transfer to be carried out you must be a contributing member of your new employer’s scheme and it must be a Public Service Pension Scheme, either on the Isle of Man or the United Kingdom. In certain cases the PSPA will permit transfers to similar or public sector type arrangements overseas.
If you are considering transferring to your new public sector employer’s scheme, the PSPA always recommend that you seek the advice of an independent financial adviser who is licensed to advise you on pension issues. A list of advisers on the Isle of Man is available on the FSA website.
For those transferring in pension entitlements from the UK public sector schemes, you may wish to also consider how the ongoing 'McCloud' judgement may affect any transfer of benefits
If you wish to go ahead and request a transfer then please complete a Transfer Value Out Investigation Request Form and send it to us.
Topping Up Your Pension
If you think you might need a bigger pension, there are two options available to you via the Teachers' Scheme into which you can pay additional contributions to boost your retirement income.
Personal Pension Plan
This arrangement lets you to pay additional voluntary contributions to boost your retirement savings. Using this method, you can save what you can afford to at different times of your life.
This is your own retirement plan and means that the benefits you receive from it when you retire are based on:
- how much you contribute
- the performance of your investment options you choose
- the cost of buying a retirement income when you retire
When you retire you use this fund to buy an additional pension for you (or for you and your dependants). You can also take some of this money as a cash lump sum.
The PSPA has an arrangement for scheme members with MAC Financial who will advise you on the arrangements available to you. If you would like to know more, please contact MAC Financial directly. You can of course arrange a plan independently of the PSPA and MAC Financial.
You can also buy additional pension to increase your pension benefits when you retire. Additional Pension is calculated separately from your regular pension benefits. You can buy it in units of £250 up to the age of 65 and buy it for yourself, or for yourself and your adult beneficiary. How you pay is up to you. You can pay by regular deductions from your salary or by a one-off lump sum.
For more information or a quote contact the PSPA on +44 1624 685598 or email your request to email@example.com
Divorce and Dissolution
If you and your spouse or civil partner decide to legally end your relationship, you may need to request information on the value of your pension.
This is to allow the courts to consider whether or not your pension should be shared with your partner, and by how much.
You can ask us to calculate a Cash Equivalent Transfer Value (CETV) representing the cash value of the benefits you've accrued in the scheme, including your pension, lump sum and surviving dependant's pension.
The court may award a percentage of this CETV to your ex-spouse or ex-civil partner, giving them pension benefits based upon the amount awarded by the court.
If you receive a pension sharing order, your pension benefits will be reduced to take this into account. They become a credit member of the pension scheme.
To find out more on how this process will work then please read the PSPA Guide to Divorce and Dissolution.
If you want to request a CETV then please complete the Application Form.
Charges for an estimate
For information regarding charges see our Charges for an estimate page.