We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Opt out of Teachers Pension temporarily
Options
Comments
-
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.0 -
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.Don't listen to me, I'm no expert!0
-
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards