Two pensions at once????????????????????

rob77_2

Hi everyone,

I could really use any advice on my situation. I currently work for a large company and I have a final salary pension scheme. However, I have been looking for a career change for a while now. Yesterday I was offered a job as a teacher starting Monday. This means I can't give the four weeks notice my current employer requires. My plan is to work in school for the next 18 working days until the end of the summer term by using up my annual leave and some days unpaid. I will then go back in to work, give in my notice and work the 4 weeks during the summer holidays from school. Then start back in school at the start of next term in September.

However, this would mean I would be getting paid twice effectively for July and August, and contributing to 2 pension schemes. Is there any major problems with doing this??

I can't think of any other way at the moment. Either way I need to start in school on Monday otherwise I'll lose the job.

Any advice will be greatly appreciated.

dunstonh

You can have as many pensions as you like providing your contributions do not exceed £1.5 million in your lifetime (an allowance that increases with time). So, unless you are earning a couple of million pounds a year you have nothing to worry about

david78

Good luck with the new job. You can contribute to two pensions, or more, at once if you like. I have 4!

rob77_2

Thanks guys that's great. This website is a God send!