Teachers' Pension Calculator
Use our calculator to get an estimate of the final value of your 'Career Average' Teachers' pension scheme. Find out what the cost to you wil be and how much you'll eventually receive each year.
This calculator only applies to scheme members who:
- Joined the scheme after the 1st April 2012
- Are planning to retire at their Normal Pension Age or later
- Have not had any gaps in service
Other members will have more complex pension arrangements that are outside of the scope of this calculator.
The calculator makes some assumptions about inflation and your salary growth over time. It is only intended to give an illustration of your possible pension benefits, and should not be relied upon for a definitive answer.
Advanced options
Pension Results
Based on what you've told us, you'll be retiring in with years and months of service.
These reults are nominal values. That means they're represented in the value of the pound as it will be in .
Annual Pension
The annual income you'll receive from your pension, starting in .
Lump Sum
The tax-free lump sum that you'll receive in .
In today's money
It may help to relate to these numbers if they're expressed in today's prices.
This is the equivalent
value you'd receive today, removing the effects of inflation.
Annual Pension
The annual income you'll receive from your pension, starting in , expressed in value of money as of .
Lump Sum
The tax-free lump sum that you'll receive in , expressed in value of money as of .
What You'll Pay This Year
Your Contribution
The contribution you'll make towards your pension this year. The actual cost to you will be lower because of tax relief on your contribution.
Value Received
The estimated eventual value you'll receive from this year's contribution, evaluated in today's prices.
About this calculator
This calculator uses information from the Teachers' Pension scheme members website to provide a visualization of the pension you might receive. Currently it is only available for members of the 'Career Average' pension scheme (i.e. those that joined after 1st April 2012), and not for members of the older 'Final Salary' pension scheme.
Enter above your current salary, date of joining the scheme, and expect retirement date. We'll compute for you the pension you might receive when you retire - both in terms of an annual payment and an initial tax-free lump sum. This is done by projecting what your salary might be for each year you'll be in the scheme and multiplying that by the annual accrual rate of (1/57).
We'll also compute some details on how much the pension will cost you, so you can directly compare what you'll pay this year against the eventual benefits that contribution will deliver to you.
As this calculator allows you to project forwards many years to an eventual retirement date we will show you the numbers with and without the effects of inflation being applied. "Nominal" figures refer to the pension value as it will be at the time you take it (i.e. including inflation), whilst "real" figures are given in today's prices (i.e. stripping out the effects of inflation).
Remember that this calculator is based on the rules of the pension as they stand today. It is possible that those rules may change in the future, which might impact your ultimate pension valuation. Also please remember that this tool is only intended as an illustration, and the specifics of your situation may differ to the assumptions made. MoneyMarvel is not in any way affiliated with the Teacher's pension scheme.