worst pension ever

bigfreddiel

nearlyrich wrote: »

I have a close relation who is a teacher she is doing nothing but moan about how hard done to she is,

i just love people who moan about their jobs

well if its so bad do something else

just don't go on moaning

its quite simple really

fj

Cygnus_Alpha

rob404uk wrote: »

Teachers' pension.
Been on one for 7.5 years.
Pension age gone up 8 years

Hi, I think the pension age going up only relates to future service doesn't it? Worth checking. If so then it might not be as bad as you thought. But I see what you mean that it must feel like a pay cut.

bigfreddiel

Cygnus_Alpha wrote: »

Hi, I think the pension age going up only relates to future service doesn't it? Worth checking. If so then it might not be as bad as you thought. But I see what you mean that it must feel like a pay cut.

if its similar the cs pensions then what's happening is that that the current pensions classic,classic plus and premium will be stopped (goes to 60) -all accrued benefits saved, and we all move to a new career average scheme in 2015 (including nuvos which goes to 65 anyway)

then the retirement age for cs's is being aligned with sp age - 67 or 68 in a few years time

xylophone

She wasn't aware that she could claim her State Pension so she hasn't done it yet.

I find it rather surprising that an educated person does not know when/whether she can claim her state pension.

Did she never receive an invitation to claim?

Perhaps you should point her in the direction of https://www.gov.uk/claim-state-pension-online

atush

rob404uk wrote: »

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

Great pension, you should be happy! Not happy with the reductions, more like happy you still have a Great one.

GillyR-J

rob404uk wrote: »

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

You have only been teaching 7.5 years! I have been teaching thirty years and take early retirement next week at 57 years. I am very happy with my pension annuity and the lump sum. I am going to spend some of it on an Arts degree which I have wanted to do for a very long time.
It seems highly unlikely that people who may have to work for fifty years will remain in the same profession throughout their career. They may have two or even three different careers or may splice two or three part- time jobs together.
If you are so concerned about your future pension then look at AVCs or even ISAs to back it up but please don't moan about TPS it is one of the best.
Edited to say that yes it was sometimes hard as a single Mum to pay 6% contributions and the additional AVCs but I appreciate how good my public sector pension is.

atush

rob404uk wrote: »

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?

I find it interesting, you are upset that you are living longer than past retirees.

Which is the reason you are being asked to work longer (but unlike the rest of us who have to work longer you have a great FS/AS pension?)

atush

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?

What exactly do you teach? Please tell me it is PE.

I think we can already assume it is not Maths nor Economics. Is there Socialist studies now lol?

whitesatin

xylophone wrote: »

I find it rather surprising that an educated person does not know when/whether she can claim her state pension.

Did she never receive an invitation to claim?

Perhaps you should point her in the direction of https://www.gov.uk/claim-state-pension-online

I didn't receive an invitation to claim. Having more time on my hands now, I made contact with them in order to claim. She will get round to claiming when she is ready. She is a busy lady.

atush

hyubh wrote: »

'Worst pension ever' - ha ha, you almost had me there! Good wind up - the 'teacher' bit was for atush, the contribution bit for kidmugsy, and the death in service bit for Father Abraham, right?

Re teachers.

I love teachers. Good teachers. I was almost a teacher, but dropped out when my mom died in 2001.

Why do you think I hate teachers? I do like my children's teachers to have a basic understanding of maths, economics and personal finance though?