New to Teachers Pension Scheme - Advice Please

FIRSTTIMER

Hi,


I am still a little confused and would like further advice.....if possible


If my plan is to retire at 60, which is the better option for me? Buy Out or Faster Accrual - in order to get the maximum benefits but not wait until 68!.


I am hoping to have enough money in savings to fund the gap between 60 and 65. (that's if I can have all my benefits at 65?)


Thanks in Advance

wwpaddler

Have you tried contacting your union. They should be able to put you in touch with an IFA who will be able to crunch all your numbers for you and advise you on your choices for your situation. This is usually free as its a benefit included in your union fees.

FIRSTTIMER

thanks for that....

liviboy

FIRSTTIMER - Please see my PM :-)

FIRSTTIMER

cheers......any other advice greatly appreciated...Ive done the 3 year buy out at least as there was a deadline of 6 months....I'll hang fire on faster accrual until my other pension is transferred in and my buy out has been processed.


Quick question - will the buyout election change the figures given to me for transferring my private sector pension in tps? ie reduce the amount of service it buys