TPS - Remedy and Overtime "Compensation"

[@jeremyfbarry]

Overtime is more common in contracts in further education colleges. I did overtime in transition period. Thank you for yet another really informative video - I appreciate all that you are doing for us transition members.

[@mah203]

Correct, if taken now then what I understand is I may miss the 'benefit of compounding interest over the years, which can significantly increase the value of your pension fund' at the deferred to retirement option

[@dfountain]

Interest is added to the amount until you take it, so will get compounding interest. I think the interest rate from this point forward would be the Bank of England rate. Of course, if you take it then you can invest it into an account that pays interest.

[@danielc38569]

ive got overtime payments on my benefit statement but I didnt get any message from TPS?

[@thebluegnu7124]

Any idea when the payments might come through?

[@BruceWiggins]

Both me and my wife bought out 2 or 3 years (to bring our pension age to 65) during this time. We've been told we've got the same choices as in this video. I assume the pros and cons are the same for buy out as they would be for overtime (and what's taxable etc..)?

[@AlW-hh8pd]

Really helpful, thank you...

[@susanbryer7087]

Hi does overtime mean supply days? I have a contract for 2 days a week but have done a lot of supply days between 2015 and 2022? Fantastic info thank you David !

[@dfountain]

It should not. Overtime is normally reserved for full time staff being asked to do something outside their normal contract as a teacher. Taking on tutoring or running an event etc. Now, all the time this is included in the career average scheme this is not a problem because you end up with the same pension benefits whether it is recorded as overtime or just extra pay, but once you include this in the final salary scheme you stand to lose out because it does not add to the pension when it should.

[@marengi2270]

I have overtime during my remedy period but I have not yet received any notification about making a choice. I am still in full time employment. Did you say they will send this information via mail or email? I did overtime between 2019-2022.

[@dfountain]

You may want to check the messages section of the teacherspensions.co.uk website