Teachers pension what to do

jem16

Mr_Pegs wrote: »

Due to me not being employed correct ?

Due to you having taxable income less than £10,600.

Mr_Pegs wrote: »

I guess I could take one drawn down this tax year tax free ?

Part of it would be tax free but the rest would be added onto your income for this tax year so unlikely to be tax-free.

I'm really talking from April 6th 2016 when presumably you would have no other income coming in.

missbiggles1

Mr_Pegs wrote: »

I have a a few questions. I have contributed to the teachers pension for 28 years I am 57. I have been informed by my employer ( a college ) That my job in under threat I can leave with a severance lump sump slightly above the statutory rate required, or stay on and work 18.5 hours per week rather than my current 37 hours.I am eligible for state pension at 66 years.

I enjoy the work in the main however if I stayed on I would be working for nothing for 2 years as versus taking the severance ( hope that makes sense ) after that I would be in profit after my 59 B/D

I am debt free my wife is on pension plus state pension and fine we have saving.

I have always worried about money and tried my hardest to save and planned to retire at 60 and take teachers pension and wait till 66 for state pension to kick in. However I must choose to stay and work effective for nothing or take teachers pension early 13% reduction from 60 years on age. Plus if I do take teachers pension do I take lager lump sum or smaller. one would be £9602 pa v £8400 pa pension (not lum sum).I have no dependants.

I am terribly anxious on what to do and have till Wednesday this coming week to decide what to do if I do nothing I would be made redundant basic terms!

I could always look for another job however easy to say hard to do,

This is quite a ramble hope it makes sense to anyone reading advice or thought are welcome teachers, financial retired guys help. Thanks

Aren't they offering you any extra years if you go early? That's what my husband (and many others) got when in a similar situation.

Mr_Pegs

Aren't they offering you any extra years if you go early? That's what my husband (and many others) got when in a similar situation.

Good point when I asked my employer a north west college the reply I got was the rules don't allow for this.Perhaps I should the question to the teachers pension direct and see what their response is.

Dont know if this relevant I have 28 and half years service in and contributions without a break.

I am assuming your Husband was /is in the Teachers pension and not another pension provider?Thanks....

frugal90

I managed to transfer teachers avc with prudential across to interactive investor sipp- so that I will be able to do as Jem has suggested - delay taking the teachers pension for a couple of years. Plan is to use sipp up to personal allowance with 25% tax free on top.

missbiggles1

Mr_Pegs wrote: »

Aren't they offering you any extra years if you go early? That's what my husband (and many others) got when in a similar situation.

Good point when I asked my employer a north west college the reply I got was the rules don't allow for this.Perhaps I should the question to the teachers pension direct and see what their response is.

Dont know if this relevant I have 28 and half years service in and contributions without a break.

I am assuming your Husband was /is in the Teachers pension and not another pension provider?Thanks....

Surely this should be what your union's negotiating?

My husband got the years he'd contributed from the TPA and then an extra 7 years from the college.

jem16

Mr_Pegs wrote: »

Good point when I asked my employer a north west college the reply I got was the rules don't allow for this.Perhaps I should the question to the teachers pension direct and see what their response is.

It's not the TPS that offers any enhancement - it's purely down to your employer as it is they who would have to pay for it.

hyubh

jem16 wrote: »

It's not the TPS that offers any enhancement - it's purely down to your employer as it is they who would have to pay for it.

CAY still exists in TPS-land...?

jem16

hyubh wrote: »

CAY still exists in TPS-land...?

CAY means?

missbiggles1

hyubh wrote: »

CAY still exists in TPS-land...?

Eh????????

hyubh

jem16 wrote: »

CAY means?

Compensatory Added Years (was historically a thing in both the TPS and LGPS regulations, and in England and Wales at least, CAY payments pertaining to teachers as well as non-teachers are still administered by the LGPS administrator).