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  • FIRST POST
    • mamabuddah
    • By mamabuddah 29th Jun 11, 6:15 PM
    • 608Posts
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    mamabuddah
    Average teacher pension 10k....
    • #1
    • 29th Jun 11, 6:15 PM
    Average teacher pension 10k.... 29th Jun 11 at 6:15 PM
    I hear this quoted now on most news broadcasts...can someone explain this figure?

    How long do you work before retiring?
    What is the average salary at retirement?
    Is there a lump sum?
    Is it a final salary scheme?

    just curious as to how they arrive at this figure, perhaps an explanation might get more people on their side.
Page 1
  • trumpton
    • #2
    • 29th Jun 11, 7:48 PM
    • #2
    • 29th Jun 11, 7:48 PM
    At a guess, lots of teachers are part-time, many (most?) are women so may have taken several years out to look after their children. It is a final salary scheme and they do get a lump sum, I believe. The bigger the lump sum, the smaller the annual pension I imagine - so it may reflect that many take as much as they can as a lump sum.

    10k per year isn't a lot for a lifetime in the same job, so as you say a bit more explanation is needed.
    • pleasedelete
    • By pleasedelete 29th Jun 11, 7:54 PM
    • 2,087 Posts
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    pleasedelete
    • #3
    • 29th Jun 11, 7:54 PM
    • #3
    • 29th Jun 11, 7:54 PM
    Most teachers earn less than 35k. The average for a full time teacher was something like 26k last year.

    You need 40 years for a full-50 per cent salary pension. The youngest you can be when you start is 22 which makes you 62. Most women historically retire at 60 (rising now) and so never could get a full pension. You can take a variable lump sum and a pension reduction.
    June challenge 100 a day 3161.63 plus 350 vouchers plus 108.37 food/shopping saving

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    • ukjoel
    • By ukjoel 29th Jun 11, 9:36 PM
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    ukjoel
    • #4
    • 29th Jun 11, 9:36 PM
    • #4
    • 29th Jun 11, 9:36 PM
    Not sure where they quote the average as 26k.

    My friends are mid 30s and 3 are teachers and all three are over 35k. One who just done her dep head and its closer to 45k.

    Take on point about time out for kids but also need to take on board all the holidays.
    • pleasedelete
    • By pleasedelete 29th Jun 11, 9:38 PM
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    pleasedelete
    • #5
    • 29th Jun 11, 9:38 PM
    • #5
    • 29th Jun 11, 9:38 PM
    Not sure where they quote the average as 26k.

    My friends are mid 30s and 3 are teachers and all three are over 35k. One who just done her dep head and its closer to 45k.
    .
    Originally posted by ukjoel
    15 per cent of primary teachers earnt more than 34,500 k when the last fivures were published and 25 per cent of secondary.

    The 26k may be average overall including independent. i know that I was surprised when it was published- excludes those on the leadership scale which is different. The top of the main scale outside London is 31,500.
    It is published each year- the teaching profession is getting younger as itvwas heavily weighted to those closer to retirement and so this impacts average salaries. primary earn much less than secondary. Including All teachers / leadership,it was about 31,500 ish - a couple of years ago.

    There is also a massive north south divide.

    Average for a primary HT is mid 50 s.
    Last edited by pleasedelete; 29-06-2011 at 9:57 PM.
    June challenge 100 a day 3161.63 plus 350 vouchers plus 108.37 food/shopping saving

    July challenge 50 a day. 1682.50/1550

    October challenge 100 a day. 385/3100
  • trumpton
    • #6
    • 29th Jun 11, 11:03 PM
    • #6
    • 29th Jun 11, 11:03 PM
    Glasgow want to pay teachers 10,700 in their last year of study, and 10,700 in their first year of teaching. Who would want to work in a Glasgow secondary school for 10k a year?

    http://www.bbc.co.uk/news/uk-scotland-13704176
    • geordieracer
    • By geordieracer 30th Jun 11, 12:14 AM
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    geordieracer
    • #7
    • 30th Jun 11, 12:14 AM
    • #7
    • 30th Jun 11, 12:14 AM
    Not sure where they quote the average as 26k.

    .
    Originally posted by ukjoel
    Noone mentioned 26K in this thread.

    the point the OP was getting at was the direct figures that the NUT had quoted for a teacher receiving a pension if they had done their time.
    one of the famous 5
    • hcb42
    • By hcb42 30th Jun 11, 12:32 AM
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    hcb42
    • #8
    • 30th Jun 11, 12:32 AM
    • #8
    • 30th Jun 11, 12:32 AM
    10K sounds brilliant to me! Especially for an average, a lot of people might teach for a few years, then never go back to it, but still get a pension, have a few friends like that.
    2015 challenges to include: Weight loss 56lb/42lb YAY!!!); My Old Age Pot 39100/50000; Maldives 2018 Fund 601.37/3600; . DH Rainy Day fund 2200/1200 Camping Trips 2/2 booked.
    • paddedjohn
    • By paddedjohn 30th Jun 11, 2:28 AM
    • 6,769 Posts
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    paddedjohn
    • #9
    • 30th Jun 11, 2:28 AM
    • #9
    • 30th Jun 11, 2:28 AM
    Noone mentioned 26K in this thread.

    the point the OP was getting at was the direct figures that the NUT had quoted for a teacher receiving a pension if they had done their time.
    Originally posted by geordieracer

    read post#3
    Be Alert..........Britain needs lerts.
    • paddedjohn
    • By paddedjohn 30th Jun 11, 2:31 AM
    • 6,769 Posts
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    paddedjohn
    glasgow want to pay teachers 10,700 in their last year of study, and 10,700 in their first year of teaching. Who would want to work in a glasgow secondary school for 10k a year?

    http://www.bbc.co.uk/news/uk-scotland-13704176
    Originally posted by trumpton
    sounds like a good wage, they will still be learning for those two years and be paid whilst they do
    Be Alert..........Britain needs lerts.
    • Storck
    • By Storck 30th Jun 11, 7:55 AM
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    Storck
    15 per cent of primary teachers earnt more than 34,500 k when the last fivures were published and 25 per cent of secondary.

    The 26k may be average overall including independent. i know that I was surprised when it was published- excludes those on the leadership scale which is different. The top of the main scale outside London is 31,500.
    It is published each year- the teaching profession is getting younger as itvwas heavily weighted to those closer to retirement and so this impacts average salaries. primary earn much less than secondary. Including All teachers / leadership,it was about 31,500 ish - a couple of years ago.

    There is also a massive north south divide.

    Average for a primary HT is mid 50 s.
    Originally posted by pleasedelete
    The problem with removing those on the leadership scale is that there are now so many teachers on that scale.

    A couple of years ago my mum retired as a deputy head, at that point there was a head and one deputy. The same school now has a head, two deputies and two assistant heads. Big change in such a small school and small time.
    • aloise
    • By aloise 30th Jun 11, 8:01 AM
    • 544 Posts
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    aloise
    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension
    .I know of one man who has worked for less than 10years getting a redundancy payment of 30.000, and then walking into a job with the same council.
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.
    • dori2o
    • By dori2o 30th Jun 11, 8:45 AM
    • 6,884 Posts
    • 11,505 Thanks
    dori2o
    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension
    .I know of one man who has worked for less than 10years getting a redundancy payment of 30.000, and then walking into a job with the same council.
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.
    Originally posted by aloise
    but yet again people loot at the uncommon extremes.

    I'll agree there are 'some' within the civil service who will due to time served and their lofty position within their service, receive these gold plated payouts, whether it be redundancy or pension.

    but what people forget is that the MAJORITY of civil servants are in the bottom 2 pay bands for which the top of the payscale for these ranges is 19500, far less than the national average annual salary.

    The governments propaganda machines, (DM and Telegraph) as with the benefit 'scandals' pick out the most extreme examples of peoples pensions/benefits, and then report it as though this is the norm. People are then stupid enough to believe the reports because it claims it is THEY who are paying for it. Nothing cold be further from the truth.

    Currently redundancy payments are restricted to a maximum of 12 months salary. So someone who has been there 25+ years and is on the payscale maxima for the 2nd payband will get a maximum redundancy payout of 23000. (in fact redundancy maxima is reached after 14 years for those in the bottom 2 bands)

    When I worked for a private sector company and was made redundant, I got almost 8k redundancy for 6 years service (but my salary was 9.9% less than the basic salary now being paid at the same company). This company offered unlimited redundancy terms, i.e it wasn't capped so had I worked there 25 years, and been made redundant/took voluntary I'd have been looking at 33k+ redundancy.

    My private sector pension, had I been able to continue paying into it, would be worth far more than my current public sector pension, and my contribution is exactly the same.

    So despite the reports of the DM and telegraph, we don't all get 30k/40k/50k pensions. The well reported average is less than 6k for a full time civil servant.

    One final thing. Some of those who are lucky enough to have larger pensions have accrued such because of the voluntary contributions they have paid on top of the ordinary contribution. However, again this goes unreported.
    • mamabuddah
    • By mamabuddah 30th Jun 11, 9:49 AM
    • 608 Posts
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    mamabuddah
    it would appear then, that although the union quote figures of an average pension of 10k for a teacher (effectively means one could get 15k another 5k to arrive at the average) we still don't get "real" figures.

    If someone (as has been suggested) doesn't work 40 years in their post and has numerous career breaks to have kids etc look after relatives or whatever and in actual fact over their 40 years possible career they only work for 20, then surely they should only be entitled to 1/4 of their final salary (like everyone else in a FS scheme) so what's wrong with 10k based on those figures?
    If you want full benefit of a FS scheme surely then you should work for the full term.

    I wonder how many of these 10k pensions are taken by teachers who have only worked 20 years and decided to take early retirement etc at an earlier age? Perhaps they should be taken out of the equation? Perhaps the figure quoted of "expected" pension should be based on "if you work for 40 years" ... "your pension should be"...based on the average salary at retirement, we may find the pensions are a lot higher.
  • shop-to-drop
    The Unions keep quoting 10K pension they say which is 'just above the level for income support' but surely they will also get a state pension on top of this which would make a significant difference and blow that comparison completely.

    Is it me daft or do they just think we all are?
    Trytryagain FLYLADY - SAYE 700 each month Premium Bonds 713 Mortgage Was 100,000@20/6/08 now zilch 21/4/15 WTL - 52 (I'll do it 4 MUM)
    • ThumbRemote
    • By ThumbRemote 30th Jun 11, 10:53 AM
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    ThumbRemote
    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension.
    ...
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.
    Originally posted by aloise
    Your husband gets a poor pension, so you want public sector workers to get a poor pension too. Instead of fighting for better rights for your husband and others like him, you're jealous and want to drag others down to his level.

    Who exactly want the rest to suffer again?
  • musicmaker29
    I just got my pension forecast (I'm not a teacher, but a public sector worker) - I think it said I would get just under 4k a year if I carry on earning what I earn - don't really understand the maths, but I defo can't wait for my gold plated retirement, as predicted by the Daily Mail.....oh wait lol
  • juliedotcom
    Glasgow want to pay teachers 10,700 in their last year of study, and 10,700 in their first year of teaching. Who would want to work in a Glasgow secondary school for 10k a year?
    Originally posted by trumpton
    Sensationalist. You fail to mention that the other option is 21,400 over one year instead of the two, with no income in the first year. It sounds pretty reasonable, actually.
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  • vax2002
    They work 25 years pension adds 10 years
    so 35 years at contributions avg 2400 pa = 84000 fund
    roughly equates to
    Lump sum of 28,500 and pension of 1320 per month for life payable at 60.
    • mamabuddah
    • By mamabuddah 30th Jun 11, 2:54 PM
    • 608 Posts
    • 1,424 Thanks
    mamabuddah
    I just got my pension forecast (I'm not a teacher, but a public sector worker) - I think it said I would get just under 4k a year if I carry on earning what I earn - don't really understand the maths, but I defo can't wait for my gold plated retirement, as predicted by the Daily Mail.....oh wait lol
    Originally posted by musicmaker29
    I think stating your forecast will be 4k is really useless without qualification eg:

    what age you are now?
    how long you're in the post?
    when you hope to retire (age)?
    what your salary is now?
    what are your career prospects?

    then perhaps others can see if your pension is good/bad/or better than private sector.

    Another item mentioned is what you currently pay into your pension scheme compared to what private sector employees might pay for the equivalent pension.
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