What will happen when I retire?

level200

Hi Guys

I'm 43 and have been paying into a teachers pension for the last 11 years. before that I was working and paying national insurance most of my working life. When I retire will I be able to get my teachers pension and a state pension?

Just thinking ahead and planning

Cheers
John

seven-day-weekend

Yes, you will get a Teachers' pension and a State Pension. You have not opted out of paying NI for your State Pension by being in the TPS, just the earnings-related part of the State Pension, which will almost certainly be exceeded by your Teachers' Pension.

Lokolo

You will require either 30/35 years of NI contributions to get the full state pension.

And yes teachers pension as well, which is dependant on your years of services and final salary.

pmcx9

you will get your teachers pension from 60 and your state pension from 67.
your teachers pension will begin accruing not on final salary but career average terms from 2015 although you will have 13/60ths accrued at final salary by that point.

bigfreddiel

level200 wrote: »

Hi Guys

I'm 43 and have been paying into a teachers pension for the last 11 years. before that I was working and paying national insurance most of my working life. When I retire will I be able to get my teachers pension and a state pension?

i'm not being funny but i really worry about our kids education when i see teachers asking this type of question - no offence john, but i sure hope you're not teaching life skills or any work oriented courses, and at your age and obviously well educated you should know the basics of your pension and of the state pension - it's all been in the news for the past 3 years what with changes to teacher pension scheme, raising of state pension age and now the flat rate state pension that you will be receiving.

cheers

fj

kidmugsy

bigfreddiel wrote: »

i'm not being funny but i really worry about our kids education when i see teachers asking this type of question

Once again it raises the question of whether the exorbitantly expensive defined benefit schemes for govt employees are a sensible way to attract and retain staff.

mania112

bigfreddiel wrote: »

i'm not being funny but i really worry about our kids education when i see teachers asking this type of question

Once again it raises the question of whether the exorbitantly expensive defined benefit schemes for govt employees are a sensible way to attract and retain staff.

Am I missing something?

Just because he's a teacher, he should know if he can access State Pension at retirement?

At 43, the actual answer is 'we don't know'. Probably he will. But who knows?

So get your heads out of you ars*s and show some respect.

CLAPTON

bigfreddiel wrote: »

i'm not being funny but i really worry about our kids education when i see teachers asking this type of question - no offence john, but i sure hope you're not teaching life skills or any work oriented courses, and at your age and obviously well educated you should know the basics of your pension and of the state pension - it's all been in the news for the past 3 years what with changes to teacher pension scheme, raising of state pension age and now the flat rate state pension that you will be receiving.

cheers

fj

It owuld seem to me to be more of a reflection on the great complexity of our pension rules, of the constant change, on the opacity of most of the T&Cs of the schemes, the misleading statements of politicians, the incorrect stuff piblished even in 'quality ' newspapers.

CLAPTON

kidmugsy wrote: »

Once again it raises the question of whether the exorbitantly expensive defined benefit schemes for govt employees are a sensible way to attract and retain staff.

the cost of the exorbitantly expensive defined benefit schemes are expected to be about 1.8% of gdp.
what do you think they should be?

whitesatin

I have to admit that I just paid into the TP scheme for years without thinking about it as it was just taken off at source. I was too busy to be thinking ahead to my retirement. It always seems a long way off until you get into your 50s, I think. You know it is being taken care of and you know, somewhere in the back of your mind, that there is a State Pension as well but we hear so much about it being a pittance that it is not worth thinking too much about. I really think that most people do the same although pensions are in the news more these days so maybe people do think about it younger. I have a friend who is still teaching at 61 and intends to carry on. She could have taken her pension last year but didn't even make enquiries. Her state pension is due later this year and she hadn't given that a thought as she is still earning and had no need to think about it. She is much too engrossed in her job to think about money in the future. I think it is a good thing, to be honest, that teachers are not always fretting about the future, it is the here and now that matters. Did I not read somewhere a few years ago that the average life expectancy of teachers after retirement is around 4 or 5 years? I have certainly lost a good few colleagues in their early 60s, sad to say. I think that most teachers are concerned about having enough money in the here and now rather than what their, possibly short, future might hold.

Anyway, it gives people the opportunity to teacher bash (a national sport) when they do ask a question.

CLAPTON

whitesatin wrote: »

Did I not read somewhere a few years ago that the average life expectancy of teachers after retirement is around 4 or 5 years? I have certainly lost a good few colleagues in their early 60s, sad to say. I think that most teachers are concerned about having enough money in the here and now rather than what their, possibly short, future might hold.

I've no idea whether you read that or not; however it's totally untrue.