Teachers' pension - stay? go?

BobQ

hieveryone wrote: »

Yes I did join in, and I am relatively young at 27!

LOL. If people of your age do not think a pension is worth having why should those much older think its worthwhile protesting over the loss of YOUR pension. Those nearer retirement have already earned most of their pension so why should they bother about your misfortune.

I think perhaps 'back in the day', a pension was seen as something to look into and invest in, and that has somehow been lost along the way.

True, even the well educated do not seem to appreciate the value of what they have got these days. Remember there are people working in the private sector who are jealous of your pension and think you should not get one. Arguably they are right since you clearly do not appreciate it!

I look at that money going out of my payslip and think 'I could have a better car, I could use that money for something else etc..' and not properly understanding the benefits in later life.

If you listen to the advice on here you will hopefully appreciate that your teacher salary is about 15% more than you seem to realise. The taxpayer is paying money into YOUR pension, for YOUR benefit when YOU retire. All of this is over and above what you are moaning about having to pay in.

I know I should really look into it so that I value what it is I have, it's just a case of finding the time.

I am amazed that future generations rely on your teaching skills to make logical, sensible and sound decisions.

Thank you for all your replies though, it has put me off cancelling the scheme.

Well at least you have learned something useful this week.

Next time you look at your pay statement multiply your salary by 1.15 and remember this is more like the value of your reward package and then reflect on the fact you are actually paid more than you think.

hieveryone

BobQ wrote: »

Next time you look at your pay statement multiply your salary by 1.15 and remember this is more like the value of your reward package and then reflect on the fact you are actually paid more than you think.

Wow, you obviously have some axe to grind about public sector workers and/or teachers.

I *do* think having a pension is a worthwhile thing to do, but didn't/don't realise the true value of the scheme I am in, as I was automatically enrolled when I started employment, hence the advice seeking on here.

Those who are 'jealous' of my pension do not bother me - I worked extremely hard to get into my profession and the benefits it comes with are a bonus - and stating a reason such as I 'do not appreciate' my pension therefore I don't deserve it is ridiculous.

Similarly, comparing my teaching skills to being able to work out pension benefits is also ridiculous.

I have learned something this week, that no matter where you look for advice, there will always be a small minded person ready to bash any area of your life as they see fit. And I am so glad I am not like that.

irishjohn

Hello from a Retired Teacher - and retired private sector and retired civil servant - very varied career.

I taught for 9 years back in the 70s and when I left my salary was £6000 a year. Today they give me £200 every month and will do for the rest of my life - on top of the £9000 lump sum I got at 60. So not a bad return for being in the teachers pension scheme for less than 25% of my working life.

It has degraded a bit but there are still good benefits to be gained. The only question to ask is do you want to try to manage on the state pension alone or have a supplement to it. If you want a supplement then you need to save elsewhere - and the TPS is one way of doing that saving. It is likely that it is the best way if you don't have much of an idea about money and investing as all the work is done for you.

Well done for asking - I am sure there are a lot of young people who just saw £250 disappearing monthly and decided to change that without thinking ahead 35 or more years.

BobQ

hieveryone wrote: »

Wow, you obviously have some axe to grind about public sector workers and/or teachers.

I *do* think having a pension is a worthwhile thing to do, but didn't/don't realise the true value of the scheme I am in, as I was automatically enrolled when I started employment, hence the advice seeking on here.

Those who are 'jealous' of my pension do not bother me - I worked extremely hard to get into my profession and the benefits it comes with are a bonus - and stating a reason such as I 'do not appreciate' my pension therefore I don't deserve it is ridiculous.

Similarly, comparing my teaching skills to being able to work out pension benefits is also ridiculous.

I have learned something this week, that no matter where you look for advice, there will always be a small minded person ready to bash any area of your life as they see fit. And I am so glad I am not like that.

OP, you misunderstand me. I support good pensions, I support public sector pensions being good pensions, I even have a good public sector pension which one day I will draw from my days in the public service. The only point I was making that those in the private sector who continually question whether public sector workers should even have a state pension (I am not one of them) will love to hear that you do not really appreciate the value of what you are getting.

Others like JEM have given you good advice, I was just trying to encourage you to appreciate why some of your colleagues think reductions in your pension are worth opposing, since they are part of your salary.

Sorry if this offended you, it was not what I intended!

somethingcorporate

hieveryone wrote: »

Similarly, comparing my teaching skills to being able to work out pension benefits is also ridiculous.

You may think it's ridiculous but personally I think if our teachers cannot understand the benefit of a pension how do we expect our children to appreciate them?

Do you teach a subject where you can impart some of your new found knowledge to the long term benefit of your students? As already commented in this thread evidently there is a massive lack of understanding quite simple financial concepts in our schools and it is something that has to change.

Well done on making the right decision, it would have been financial suicide (but you have have had a few thanks from taxpayers like me!).

hieveryone

somethingcorporate wrote: »

You may think it's ridiculous but personally I think if our teachers cannot understand the benefit of a pension how do we expect our children to appreciate them?

Do you teach a subject where you can impart some of your new found knowledge to the long term benefit of your students? As already commented in this thread evidently there is a massive lack of understanding quite simple financial concepts in our schools and it is something that has to change.

Well done on making the right decision, it would have been financial suicide (but you have have had a few thanks from taxpayers like me!).

No, as mentioned, I teach disabled children with severe and complex needs. They're not particularly bothered about pensions to be honest!

I do agree there is a lack of knowledge about this area of life, and I am of the generation that was probably 'missed' with regards to financial education. I live in a 'want it, get it' world, which isn't very nice to think what will happen in the future, hence the question.

hieveryone

BobQ wrote: »

OP, you misunderstand me. I support good pensions, I support public sector pensions being good pensions, I even have a good public sector pension which one day I will draw from my days in the public service. The only point I was making that those in the private sector who continually question whether public sector workers should even have a state pension (I am not one of them) will love to hear that you do not really appreciate the value of what you are getting.

Others like JEM have given you good advice, I was just trying to encourage you to appreciate why some of your colleagues think reductions in your pension are worth opposing, since they are part of your salary.

Sorry if this offended you, it was not what I intended!

All forgiven! I find most people jump on the bandwagon and start bashing teachers and anything they seem to be 'moaning' about. Therefore, sticking up the defences ASAP! :rotfl:

jem16

somethingcorporate wrote: »

As already commented in this thread evidently there is a massive lack of understanding quite simple financial concepts in our schools and it is something that has to change.

I've just been teaching Financial Education over the last few weeks to my P5/6 class - basically age 8 to 10.

Last year we had a financial workshop for the P6 and P7 classes led by representatives from the local bank. Main focus was on savings and understanding profit and loss. There were a few struggling with the concept but overall they got the idea.

It's getting there.

taktikback

I don't get this new concept that a person needs to have a "financial education" before it is possible to do a very simple thing like reading the booklet that comes with your pension scheme. Yes there maybe some areas that need clarification but the basic principles are easy to grasp for anyone -especially a teacher of any kind.

When I started work and was given the pension scheme booklet -I read it. I didn't have a degree in economics (and I was only 24) - It said that the company would give me 1/60 of my final salary per year that I worked there, and I would have to pay a contribution of 5% (not subject to tax) to get it. What's hard to understand about that?. From some of the posts I see on here, you would think that people had been asked to solve the Da Vinci code!

atush

the funniest thing I had to teach, was teaching 9-14 yr olds about tax.

Paying it, why you have to pay it, and what it pays for. the entire concept of paying over hard earned money to someone else w/o choice was foreign to their All important IDs.

Previous to these discussions, my 3 children had no idea that the roads we drove on, the school they went to, the doctor and medicine they had- didn't grow on trees lol.