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Teacher and public sector pension
emmaejs
Posts: 1 Newbie
Hi,
I have a teachers pension that I don't pay into any more as I got a job with a local authority. I was then told I had to get a Local Authority pension so I have one of them but I do not pay into it as I have left my job and now work for a private company. My new company only offer a pension of 1%. I am 31 years old. Am I best paying into my teachers pension or LA one, or best just opening a new private pension? Advice welcome!!
Thanks!!
I have a teachers pension that I don't pay into any more as I got a job with a local authority. I was then told I had to get a Local Authority pension so I have one of them but I do not pay into it as I have left my job and now work for a private company. My new company only offer a pension of 1%. I am 31 years old. Am I best paying into my teachers pension or LA one, or best just opening a new private pension? Advice welcome!!
Thanks!!
0
Comments
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Hi,
I have a teachers pension that I don't pay into any more as I got a job with a local authority. I was then told I had to get a Local Authority pension so I have one of them but I do not pay into it as I have left my job and now work for a private company. My new company only offer a pension of 1%. I am 31 years old. Am I best paying into my teachers pension or LA one, or best just opening a new private pension? Advice welcome!!
Thanks!!
Hi
Leave your two existing pensions where they are, guaranteed benefits at retirement, can't be beaten.
You can't pay anymore in to these as you are not working for the local authority or as a teacher.
Take the money from your employer, 1% is better than nothing and they will have to pay more in over the next few years anyway.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
I agree with Canny,
Keep the old pensions and no you can't add in.
Add as much of your own salary as you can afford to your new work pension to go along with your employers contribs. The rate is normally half you age the year you start. But you didn't really start this year, as you have 2 old FS pensions there growing slowly so I would say if you at least have contribs of 10% total (ie 9% you, 1% them) then you will be in a good position.0 -
1% is better than nothing.
Can I ask you as an ex-teacher who is now in the private sector, to let other teachers know how good they have it, and will still have it when the changes take place.
People expect companies to by paying into a pension for them and even though you are just getting 1%, it is still better than 50% of the companies out there.I work in finance
Anything posted on this forum is for discussion purposes only and should not be considered financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation0 -
Do you really need to polute an advice thread with poorly researched, politicaly biased clap trap. That is what DT is for;)1% is better than nothing.
Can I ask you as an ex-teacher who is now in the private sector, to let other teachers know how good they have it, and will still have it when the changes take place.
People expect companies to by paying into a pension for them and even though you are just getting 1%, it is still better than 50% of the companies out there.Always get a Qualified opinion - My qualifications are that I am OLD and GRUMPY:p:p0 -
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lol
I think Canny has missed the little Smiley Man
at the end there.
But in all seriousness...
"poorly researched, politicaly biased clap trap"
Is exactly what the internet is all about! :rotfl:
EDIT
Or maybe I am misreading DCodds post..
anyways..... I apologies for trying to bring some sense and balance into debates that are all over this forum right now!I work in finance
Anything posted on this forum is for discussion purposes only and should not be considered financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation0 -
lol
I think Canny has missed the little Smiley Man at the end there.
But in all seriousness...
"poorly researched, politicaly biased clap trap"
Is exactly what the internet is all about! :rotfl:
I assumed the smiley related to the Torygraph reference!Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
That a public sector teacher has it so good.CannySaver wrote: »Which bit was inaccurate?Always get a Qualified opinion - My qualifications are that I am OLD and GRUMPY:p:p0 -
I agree but only in DT surely?lol
I think Canny has missed the little Smiley Man at the end there.
But in all seriousness...
"poorly researched, politicaly biased clap trap"
Is exactly what the internet is all about! :rotfl:
!Always get a Qualified opinion - My qualifications are that I am OLD and GRUMPY:p:p0 -
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