Opt out of LEA pension?

full-time-mum

I currrently have a temporary, part-time job as an LSA. I have been automatically enrolled into the LEA pension scheme. As far as I can tell, its about as good as it gets pension wise but, as I shall only be in it for 4 months, there doesn't seem much point in paying in, especially as the pay is meagre.

There may be other opportunities to work in schools but jobs are hard to come by and highly sort after. If I had a permanant position, then it would probably be worth continuing.

So am I mad to opt out for the time being?

It seems that I can go in an out as often as I choose.

wonderman

Suggest that there is no point unless you can see it turning full time.

btw it is "sought after" - not "sort after"

hope you are not teaching English

dunstonh

I shall only be in it for 4 months

If i had a pound for everyone that said they didnt join the occ scheme because they didnt plan on being there that long, yet years later there they were, I would have a lot more pounds.

full-time-mum

wonderman wrote: »

Suggest that there is no point unless you can see it turning full time.

btw it is "sought after" - not "sort after"

hope you are not teaching English

:rolleyes:Whoops, your quiet write - put it down to kids sceeming in the background :rotfl:

I must spend more time checking my work
I must spend more time checking my work
.
.
.

btw, not a TEACHER at all!

full-time-mum

dunstonh wrote: »

If i had a pound for everyone that said they didnt join the occ scheme because they didnt plan on being there that long, yet years later there they were, I would have a lot more pounds.

If I opt out, then I will certainly review the situation regualarly - quite clued up to the MSE business now.:D

I have several other tiny pension schemes and, if I end up working more than 4 months, then I will need to get some serious advice on whether to transfer them over etc.

wonderman

Grate; gud to no that you is not a teecher. :D

Andy_L

If you are in it for less than 6 months (possibly 2 years depending on scheme rules) you should be able to get back your contributions.

A_Nice_Englishman

Andy_L wrote: »

If you are in it for less than 6 months (possibly 2 years depending on scheme rules) you should be able to get back your contributions.

Three months for the LGPS in fact
http://www.lgps.org.uk/lge/core/page.do?pageId=102436

full-time-mum

A_Nice_Englishman wrote: »

Three months for the LGPS in fact
http://www.lgps.org.uk/lge/core/page.do?pageId=102436

Its 3 months which is up this month. Mind you, I wasn't given any information about the scheme - 1st I knew was when I saw the deduction on my payslip and asked for the pension pack.

DiggerUK

Don't opt out, stay in.

As final pension is calculated on total length of service, you should start clocking up the years now.

It is also the best pension scheme going.

There is a lot of pressure to lengthen admission times for new entrants. If your in now it could be to your future benefit .

Your union will also have people to advise you.

All the best.

DavidLaGuardia

Agree with Digger above

JOIN IT without question

Even if you leave after three months you have the choice of deferring the decsion on transferring or a refund.

If you later take up a career with the same scheme of one in any of the pensions in the same "Transfer Club" (including a lot of public sector schemes which you can do in the first 12 months) the addtional benefit relative to the cost to you could be significant.