Teachers Pensions – Faster Accrual
Faster Accrual is the option for TP members to increase their pension by paying higher contributions during a scheme year, 1 April to 31 March.
Any members wishing to take advantage of this option should to apply via their My Pension Online account as soon as possible and ideally by February.
Further details are available on the TP website including a calculator to estimate the cost. Other options for increasing pension in retirement are also available such as buying additional pension or making AVCs.
Please note that Annual and Lifetime Allowances limit the amount of tax relief available when making extra pension contributions and further details are also available from the TP website.
Story submitted by Natasha
nmclaren@lincoln.ac.uk