worst pension ever

rob404uk

Teachers' pension.
Been on one for 7.5 years.
Pension age gone up 8 years
Further from retirement then when started.
This month contribution gone up 3%.
At least the daughter will enjoy the death in service

CLAPTON

rob404uk wrote: »

Teacher's pension.
Been on one for 7.5 years.
Pension age gone up 8 years
Further from retirement then when started.
This month contribution gone up 3%.
At least the daughter will enjoy the death in service

one of the best available

mania112

rob404uk wrote: »

Teacher's pension.
Been on one for 7.5 years.
Pension age gone up 8 years
Further from retirement then when started.
This month contribution gone up 3%.
At least the daughter will enjoy the death in service

Presumably you don't teach English... or Maths.

The Teacher's pension is great, nothing wrong with it.

Many people are very envious.

rob404uk

Lol, smartphone typing is hard to do.
Seriously, how can one of the best make you forever further from retirement.
With the government always changing the goalposts is it really as good as people say?

jem16

rob404uk wrote: »

Teacher's pension.

This month contribution gone up 3%.

There hasn't been any increase of 3% this month. For most teachers it has been 1.2% increase. Even those earning £100k will not have seen a 3% increase.

Yes conditions are changing but it still is one of the best around. You would need to pay in around 25% per month instead of around 8.8% to get similar benefits.

wakeupalarm

rob404uk wrote: »

With the government always changing the goalposts is it really as good as people say?

No, its even better.

JoeCrystal

rob404uk wrote: »

Teacher's pension.
Been on one for 7.5 years.
Pension age gone up 8 years
Further from retirement then when started.
This month contribution gone up 3%.
At least the daughter will enjoy the death in service

What?! Then you do not understand the reality of people's retirement plans. What you got is one of the best pension in the country. Seriously, most people outside public sector who do not have defined benefit pension would love to have your pension instead.

I tried my best to aim for something like final salary pension which is to pay at 25% of my income into my pension fund over two years and for the next three decades without any employer contribution, not knowing how much it would be worth by the time I retire, not knowing if it is enough. Bound by condition of what the stock market is like, bound by the annuity rate which could be very low. Despite all my efforts, I may end up with not enough income by the time I retire.

You on the other hand do not have any just concerns. Just by the amount of year and fair estimate, you know just exactly how much you are getting. No concern about the stock market, that does not apply to you after all. Be very grateful for your pension scheme!

Still, it does not stop you from making other retirement provision if you want to retire earlier!

EDIT: Oh, there is still an option for ill-health retirement as well.

Cheers,
Joe

rob404uk

I would still be a teacher if I had to pay 20%, but really in my eyes it is a stealthy pay cut.

Think it went up to 10.1, was just a bit of a shock in the payslip. Ok, I may have rounded up to the nearest percentage.

If I put some in another pension could I be guaranteed a payoff at the age of 60 where the only way I would not get it would be if the provider defaulted?

rob404uk

Joe, thanks for your points. You guys seem far more knowledgeable so there is no point arguing. Probably posted out of annoyance but it does seem unfair, it was part of the deal. Nothing stopped others to become teachers or other professions with well regarded pensions

jem16

rob404uk wrote: »

Think it went up to 10.1, was just a bit of a shock in the payslip. Ok, I may have rounded up to the nearest percentage.

You didn't half round it up. Basically 2.1% became 3% and this is only for teachers earning £45k to £74k.

If I put some in another pension could I be guaranteed a payoff at the age of 60 where the only way I would not get it would be if the provider defaulted?

You can still get your Teachers' pension at age 60 if you take it actuarially reduced. It will still be better value than losing your employer's contributions on another pension.

bigadaj

rob404uk wrote: »

I would still be a teacher if I had to pay 20%, but really in my eyes it is a stealthy pay cut.

Think it went up to 10.1, was just a bit of a shock in the payslip. Ok, I may have rounded up to the nearest percentage.

If I put some in another pension could I be guaranteed a payoff at the age of 60 where the only way I would not get it would be if the provider defaulted?

As a taxpayer I would fully encourage you to opt out of the teachers scheme, it will be costing me and everyone else significant amounts in years to come.

To opt out would be stupid but up to you, have a look in the real world where returns are much lower and not guaranteed; teachers complain about a lack of respect, pay etc but given the fact you can't even be bothered to look at your situation In relation to the wider populace then I personally find it shocking that you can educate our young people when you cannot be bothered to do some basic research and learning yourself.