Civil service pension
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And who says the vast majority of the population don't have something similar? Where's your evidence?
This is common knowledge, I'm sure you are capable of doing your own research and reading up on the subject of DB vs DC pensions.The questions that get the best answers are the questions that give most detail....0 -
The vast majority of the population have very little pension saving unfortunately and the number, like you and I, who have a very good DB scheme backed by Local / Central Government are in a fortunate position.
You could contact the CS pension admin section and check what their records show but it sounds like you took the refund and used it at a time of need.
As to the future, you don't say how old you are or how long you plan on working for, salary / savings / mortgage / debt situation so what follows is fairly generic (assuming you want to consider options for increasing your retirement income):
1) Get a State Pension statement
2) Consider increasing your pension, either by adding to the Teachers scheme or opening a separate Personal Pension of some kind0 -
Using International Accounting Standard 19 basis, the value of the employer contribution in the Teacher's pension scheme is 24.2% of pensionable earnings (2015/16 Resource Accounts, page 21)My pension, however, will not be the fortune people seem to think teachers pensions are
Of private sector employees with workplace pension provision, 13.9% have employer contributions in excess of 12% (2016 Annual Survey of Hours and Earnings, pensions Table 10).And who says the vast majority of the population don't have something similar? Where's your evidence?0 -
Yeah, especially that the average total (member plus employer) contribution rate is 4.0% for private sector defined contribution schemes in 2015.
(Occupational Pension Schemes Survey, UK: 2015)0 -
AnotherJoe, thank you so much for your advice, it was received with the same vitriol in which you posted it.
No vitriol, just exasperation with people who do want to have their cake and eat it.like you.
FYI, at that time I my life, I was a new single mum wig post natal depression, jobless, almost homeless and certainly penniless none of which was my fault.
So, it seems like a good idea to have taken the money. Yet now, despite having had the money, you also want the pension?
I had no family to support me, and there was not the benefit of the internet as today, from whence myriad details can be gleaned at the touch of a button to ensure financial decisions can be taken in full knowledge that it is in ones best interest. So yes, when I was informed about this payment, giving me enough money for a deposit on a home for me and my baby, then I took it in good faith.
It most certainly isn't the case that I wanted my cake then and to eat it now.
It certainly sounds like it, you took the money (you needed it so it was most likely the right decision), yet you do want the pension as well do you not?
And yes, should I find myself in the same situation now, I may well make the same choice. However, I was not advised of any future implication for my pension, why should I be? After all, I would no doubt find a generous husband to keep me in diamonds thus negating the need for financial security in my own right!
I asked for advice, not a scathing diatribe on my foolishly ignorant decision making over thirty five years ago. If you're incapable of offering such advice, then swipe on!
I dont know if it was a bad decision. You seemed to think it was. (Yet you also think that you had no choice and needed the money, so are also conflicted. Who am I to disagree?
The advice from me was, you were offered no advice and thus have no comeback. As said by others, at the time there was either no choice anyway or you would have been told to take advice.
If you don't expect to have your cake and eat it, what exactly is your request ? What do you want if it's not that pension as well as the cash you already had ?
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I must have missed your 'advice', the tone of your reply was more of an opinion, and a harsh one at that.
My whole point is that I am unsure exactly what the money I was refunded was from. Believe it or not, this was at a time when financial advice was only deemed necessary for wealthy or high earning individuals. Us mere mortals on minimum wage were considered lacking in the necessary intelligence to make informed decisions. Ha! That certainly seems the case!
I purely want to know if anyone else found themselves in a similar situation. It's more likely that they would be women who had children in their very early 20s and did not return to work. The self same women who now find that their state pension will be paid many years later than they expected, with very little time to do anything about this.
I don't expect my cake and eat it, I just want to know how I can find out if I have any civil service pension entitlement or did I sign away that.
I assumed that posters in a forum on pensions might point me in the right direction, rather than castigate me for making a potentially costly mistake 35 years ago.0 -
hugheskevi wrote: »Using International Accounting Standard 19 basis, the value of the employer contribution in the Teacher's pension scheme is 24.2% of pensionable earnings
Of private sector employees with workplace pension provision, 13.9% have employer contributions in excess of 12%
Sorry, but I've no idea what point you're trying to make!0 -
Sorry, but I've no idea what point you're trying to make!
hugheskevi is posting evidence (as you requested) to contradict your suggestion in post #11 that the 'vast majority of the population' might have a pension similar in generosity to that available to teachers.
lncidentally - are you the OP ? as if so you are now posting under a different user name ......0 -
....... The self same women who now find that their state pension will be paid many years later than they expected, with very little time to do anything about this.
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you had 20 years to do something about it.The questions that get the best answers are the questions that give most detail....0 -
My whole point is that I am unsure exactly what the money I was refunded was from. Believe it or not, this was at a time when financial advice was only deemed necessary for wealthy or high earning individuals. Us mere mortals on minimum wage were considered lacking in the necessary intelligence to make informed decisions
If you are referring to a time when minimum wage existed that isn't in the last few years, no fee regulated financial advice was being dished out by just about every high street bank and building society. Every single one of those advisers would have told you the pros and cons of cashing in a bloody good pension in the way you did, enabling you to recognise that your action of taking the money and running was short term foolishness.
That access to easy advice doesn't exist today unless you're prepared to pay a large fee for it.0
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