Aged 50 with only 3 years of Teachers pension- advice desperately needed!

financiallyineptacademic

Thank you all for your responses, however, I have just realised an error on my mind.
I wanted to purchase maximum additional pension (in the hope of being able to stop full-time work at 55) but have realised that I cannot start taking my additional pension without taking my contributory pension also - both at a reduced rate
I thought i would be able to take my additional pension whilst keeping my contributory TPS percolating away until i reach 65.
So, am unsure what to do now.

atush

Or, you could go back to post 13 where I anticipated this very problem and came up with a solution- open a DC pension

financiallyineptacademic

atush wrote: »

Or, you could go back to post 13 where I anticipated this very problem and came up with a solution- open a DC pension

Thank you for your reply -but isn't a DC pension with say 5 years worth of contribution going to give a pretty inconsequential return?
I can afford to pay £12,000 max per year for 5 years and would like to receive £5,000 p.a as soon after 55 as possible- do you think this is an achievable aim?

atush

12000*1.25=15,000 * 5 = 75000. This is w/o any investment growth.

This would give you 5K per annum for 15 years or 10K per annum for 7.5 years - tax free within your personal allowance. Or a LS of 18.75K and yearly income over 5K for 10 years.

How many years income will you need?