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opted out - is there any point in continuing?
veepod
Posts: 9 Forumite
I 'opted out' just under 30 years ago with a very small contribution to a personal pension. This has remained very small as I hhave been involved in bringing up children and various part time jobs. I am now 50 and due to a series of misshaps my contrbutions lapsed. I have been offered the chance to resume them again but wonder if there is any point as the contributions were so small, and I am about to take a full time post working in a school. I have made regular contributions into a stakeholder pension for some years. I'd really appreciate any help and advice,.......
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I 'opted out' just under 30 years ago with a very small contribution to a personal pension.
Opted out of what?
The closed thing I can think to that is contracting out of SERPS but that only became possible 20 years ago.I have been offered the chance to resume them again but wonder if there is any point as the contributions were so small, and I am about to take a full time post working in a school.
Will you have access to the Teachers pension scheme?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi, DunstonH, sorry, I meant SERPS; I thought it was 30 years ago, but must've been 20. I have no idea if I'll have access to the teachers' pension scheme; its only a teaching assistant post. But at any rate, I would imagine i'm too old to benefit from it. As I said, I have been contributing to a stakeholders pension for some years now. I was advised then to do that rather than try to 'up' my pension contributions.0
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What is the pension invested in?What are the charges? Does it have any guarantees?
It may be better to amalgamate it with the stakeholder but one needs to compare the two.Trying to keep it simple...
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I thought it was 30 years ago, but must've been 20.
Must have been a busy 20 yearsI have no idea if I'll have access to the teachers' pension scheme; its only a teaching assistant post.
Find out. It is important.But at any rate, I would imagine i'm too old to benefit from it.
No you are not. Its a very good scheme.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I have no idea if I'll have access to the teachers' pension scheme; its only a teaching assistant post.
I would doubt it.
Teaching assistants in Scotland are able to join the LGPS and do not have access to the Teachers' Pension Scheme.
However the LGPS would be well worth joining even at age 50 and has similar benefits to the teachers' scheme.0
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