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As with other types of money purchase schemes you purchase an annuity at the end of thecontract term. This will be converted into an annual pension but with the option to take25% of the fund as a lump sum. Your dependants will receive benefits on your death.How much does it cost to start a stakeholder pension?You can make regular or irregular payments of as little as £10.What is the maximum I can contribute?As a general rule, you can contribute up to £3,600 each financial year. (In real terms youwould only need to pay around £2,800 to take account of tax relief.) Depending on yourage you may be able to contribute more. The older you are the higher percentage of netearnings you can contribute to your plan.I already pay Additional Voluntary Contributions, can I start a stakeholder scheme as well.Even if you pay the maximum possible into the STS Scheme - 15% of pensionable earnings– you can still pay up to £3,600 into a stakeholder pension scheme.What charges will I have to pay?Stakeholder schemes are designed to be low cost, value for money schemes. The mostyou can be charged each year by your fund manager is 1% of its value. The PrudentialTeachers’ scheme charges 0.85% per annum of the fund value.I am thinking of leaving teaching for other employment. Can I continue contributing to mystakeholder pension?A stakeholder pension is completely flexible. You can take it from job to job. You will stillneed to be aware of the £30,000 earnings ceiling.I am thinking about a career break. What will happen to my fund?You can contribute to your fund even if you are not working, or you can choose to take abreak from contributing.Will the stakeholder pension affect my state pension?No. The stakeholder pension would be on top of any state pensions you are entitled to.Can I choose where my contributions are invested?Yes. In the same way as you can choose where your AVC/FSAVC is invested, you candecide which type of fund you wish to invest in. Depending on your own circumstances andyour attitude to risk you have the option to change your investment plan.How will I know how my plan is doing?You will be sent a yearly statement to show how your plan is performing. You can also getan up-to-date valuation by contacting the Stakeholder Pension helpline.The above information is not exhaustive and before deciding to start a StakeholderPension you should seek guidance from a professional financial adviser.GLOSSARY100September 2012
The following terms, relating to the Scottish Teachers Superannuation Scheme (STSS), andpensions in general, are used within this pack.Annuity and Annuity Rates An annuity is a contract to pay regular pension payments.An AVC/FSAVC scheme builds up a fund which is used at retirement to buy an annuity andthe annuity rate is the rate at which the capital sum is converted into regular pensionpayments which usually continue until the pensioner dies.Award of Benefits Benefits from the STSS are awarded by SPPA following receipt of aclaim on the appropriate form. Forms can be downloaded from the SPPA websitewww.sppa.gov.ukChild A child, to be eligible for benefits in terms of the STSS, must be dependent on theteacher and, at the time of the death of the teacher, must be:(i) under age 17 or continuing in full-time education until age 23;(ii) under age 19 and not engaged in full-time work or in receipt of Income Support;or(iii) a person who is unable to earn his or her living for health reasons.Contracting Out Most occupational pension schemes are contracted out of SERPSor S2P. This means you pay a lower national insurance contribution but pay into anoccupational or private pension plan.Defined Benefit Scheme Another name for a salary related scheme where thebenefits are set as a proportion of pay at or near retirement.Defined Contribution Scheme Another name for a money purchase scheme, where noguarantees are made of the level of benefits at retirement, which will depend on the levelof contributions, investment returns and other factors.Final Salary Pension Scheme A defined benefit scheme where the pension is based onsalary at or near retirement.Money Purchase Pension SchemeSee defined contribution scheme.Nomination Nomination is the process whereby a teacher indicates to SPPA that he orshe wishes, following his or her death:(i)(ii)to provide pension benefits to a certain close relative who is financiallydependent on him or her; and/orto have the death in service lump sum paid to a particular person.Separate nominations are required, one for pension benefits to a close relative andanother for the death in service lump sum. The relevant forms are available from SPPA or<strong>EIS</strong> Headquarters.Pensionable Employment Pensionable employment is any employment, underwhatever type of contract, during which superannuation contributions have been paid tothe STSS.Qualification for Benefits A teacher will be entitled to pension benefits consisting of apension and tax-free lump sum provided that he or she:(i)was employed in pensionable employment on 6 April 1988 and has beenemployed in such service, whether before or after that date, for at least 2 years;or101September 2012
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1. THE EIS AND ITS MEMBERSEIS membe
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A CENTURY AND A HALF OF SERVICE TO
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The EIS-ULA is one of two unions th
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4. YOUR EIS CONTACTSHEADQUARTERS46
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5. EIS POLITICAL FUNDThe EIS was fo
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membership within that local associ
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YOUR ROLE AS AN EIS REPRESENTATIVE8
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A member or representative should n
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members of the directorate. An indi
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During recent campaigns, the EIS na
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• You should make contact with yo
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11. THE ROLE OF THE LOCAL ASSOCIATI
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PROTOCOL ON CASE HANDLING1. Introdu
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6. Disciplinary Procedure6.1 Where
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Footnote: 1 The term “official(s)
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13. LEARNING REPRESENTATIVES*CURREN
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The National Executive Committee wi
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(f)(g)talking with colleagues regul
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(e)advising appropriate EIS colleag
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Advising and supporting individual
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Supporting and encouraging teachers
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15. The Role of EIS Learning Repres
Page 50 and 51: EDUCATION AND EQUALITY16. Education
Page 52 and 53: Briefing notes have been provided b
Page 54 and 55: MondayThe inspection will normally
Page 56 and 57: The report should be written in suc
Page 58 and 59: views and perceptions on the areas
Page 60 and 61: 17. SCHOOL IMPROVEMENT PLANPOLICY A
Page 62 and 63: 5.4 All aspects of work and decisio
Page 64 and 65: 18. EQUALITY“Equality is not a mi
Page 66 and 67: Pregnancy and maternityA woman is d
Page 68 and 69: The legislation also covers enrolme
Page 70 and 71: 19. Standard for Initial Teacher Ed
Page 72 and 73: www.sfc.ac.ukwww.ecu.ac.uk72Septemb
Page 74 and 75: NOTES(a)Maingrade Scale and Charter
Page 76 and 77: THE WORKING HOURS OF TEACHERS21. CO
Page 78 and 79: Where notice in working weeks is no
Page 80 and 81: ADOPTION LEAVE AND PAYThe provision
Page 82 and 83: 22. CONTRACTUAL AND GENERALEIS Tran
Page 84 and 85: Job Sharing1. Good Practice Guidanc
Page 86 and 87: emaining partner. Thereafter, if th
Page 88 and 89: 23. PENSIONS AND SUPERANNUATION - T
Page 90 and 91: either in the interests of the effi
Page 92 and 93: LUMP SUM35 x 1/80 x £32,500 = £14
Page 94 and 95: If you have less than 2 years membe
Page 96 and 97: The contracts also differ in the me
Page 98 and 99: Yes, this could be very sensible be
Page 102 and 103: (ii) has been employed in pensionab
Page 104 and 105: GENERAL TEACHING COUNCIL SCOTLAND (
Page 106 and 107: EIS AND THE WIDER COMMUNITY25. POLI
Page 108 and 109: 27. TRADES UNION CONGRESSThe TUC re
Page 110 and 111: 29. EUROPEAN AND INTERNATIONAL AFFA
Page 112 and 113: 31. NATIONAL UNION OF STUDENTSEIS e
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