Best Practice

Teachers' Pension Scheme: Your retirement options explained

The pandemic has driven many school leaders to think about quitting, while the cost-of-living crisis is forcing others to consider their options. Simon Rake answers some common questions about the Teachers’ Pension Scheme

For teachers and school leaders whose pay increases have trailed behind inflation for years, the cost-of-living crisis is proving especially difficult.

Costly energy bills, rising mortgage rates and expensive weekly food shops are all putting pressure on already stretched pay packets.

At the same time, the pandemic and the stress of school leadership is forcing many leaders to consider their options too.

Polling from Wesleyan Financial Services shows that 1 in 6 of the 302 teachers who responded would delay their retirement to help them through the current crisis, while 1 in 10 would look for a better-paid teaching job.

Meanwhile, research by the Universities of Oxford and Nottingham in 2021 involving 1,500 school leaders found that two in five (40%) planned to leave the profession early within the next five years, rising to 46% among primary leaders (Greany et al, 2021).

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