Opt out of Teachers Pension temporarily

bigadaj

Buig_Greg67 wrote: »

thanks p00hsticks for the advice

i am seeing now that opting out is not the best choice

Have you tried moving the debt onto 0% deals, this would allow all payments to reduce capital owed rather than mainly interest.

Kynthia

I'm glad you've reached that decision. The savings part of the forum may have advice on 0% credit cards and other ways of minimising the interest on your debts. I wish you well.

jem16

Buig_Greg67 wrote: »

But if you say I will pay more tax and NI then I don't see the benefit in that.

You will pay more tax but not NI as NI is taken on your full gross salary anyway. Up until April this year if you were in the TPS you paid slightly less NI due to being contracted out - this is no longer the case.

However, for all the other reasons mentioned, it would still be a very bad idea to opt out.