teachers pensions - additional pension benefit

kidmugsy

hugheskevi wrote: »

By a Treasury Order.

"For the purposes of making such an order the Treasury may determine the change in prices or earnings in any period by reference to the general level of prices or earnings estimated in such manner as the Treasury consider appropriate."

Source: Public Service Pension Act 2013.

Thank you for that: so not out of their fundament, then. Instead they will wet their collective fingertip, adopt a vertical orientation for it, rotate it through 360 degrees, adjudge the wind strength and direction accordingly, and thus form a judgement on the aforesaid, above-mentioned general level of prices. Good oh.

dunroving

chucknorris wrote: »

I am really only interested in how my investments affect my finances, and what I was saying was that if I was much younger, I might not have placed as much value on buying additional pension within the TPS at the time that I did. It suits me very well because:

It adds much needed diversity to my portfolio, I have much more significant capital invested in riskier investments (property and shares).

The more fixed pension that I have, the more capital I can spend earlier (we don't have children), it is going to be a challenge to spend it anyway.

I am not too many years away from retirement.

Everyone in a DB pension scheme should value buying additional pension based upon their own specific needs and wants.

I took out a contract to buy additional years (USS) a few years back, with two lump sums and monthly AVCs. At the time, I was just a bit keen to add some guaranteed income but TBH, I never calculated how much it is actually "costing" (total outlay in comparison to likely income). Doing so is now on my "To Do" list!

I kicked myself because when I first started in USS in early 2007, the cost of buying additional years via AVCs was a lot less. I didn't take out my contract until 2011.

The "Golden Generation" didn't know how good they had it! (and I realise I am in the "silver" or "bronze" generation so shouldn't complain!)

chucknorris

dunroving wrote: »

I took out a contract to buy additional years (USS) a few years back, with two lump sums and monthly AVCs. At the time, I was just a bit keen to add some guaranteed income but TBH, I never calculated how much it is actually "costing" (total outlay in comparison to likely income). Doing so is now on my "To Do" list!

I kicked myself because when I first started in USS in early 2007, the cost of buying additional years via AVCs was a lot less. I didn't take out my contract until 2011.

The "Golden Generation" didn't know how good they had it! (and I realise I am in the "silver" or "bronze" generation so shouldn't complain!)

Unfortunately I didn't start lecturing until 2010, so I didn't have the opportunity to buy additional years. If I don't retire next year, I'll look at the alternative of additional pension which is buying a faster accrual rate (when the details are published). But I am by no means certain to work beyond next December.