Mrs S, family life and debt

wishingthemortgaheaway

Thanks Mrs S, I think we're going to get an ifa in to look at all these things too. Hubby is self employed, which is always a challenge.
louby , did it change for everyone or just for new starters? I can remember a coupe of changes that happened, probably 2011/12 ish that were only for new starters.

enthusiasticsaver

I don't know about the teachers pension scheme as I had a LGPS even though I worked in a University. My role fell under professional services rather than teaching.

What I do know is that the teachers pension is the same as LGPS in that the benefits are linked to salary rather than contributions. Consequently they have a high value. It may have done as my LGPS did in 2014 and moved to career average rather than final salary. Your administrators should give you annual statements or access to online calculators. Buying added years or putting in AVCs is definitely worth it if you won't have a full pension.

wishingthemortgaheaway

That's useful information thank you Enthusiastic,

Will have a look into it properly soon.

louby40

Up until 2015 teachers pensions were final salary based. From then on pensions will now be career average salary based.

So my pension will be a pension of 2 halves from 1996-2015 will be final salary and I can claim that pension at 60. But the second part of my pension I won't beable to draw that until I'm 67 (along with my state pension) so I may have a shortfall for 7 years. This is where I may need to sell my house.

I need to get advice regarding this. No way I'm teaching until I'm 67!

wishingthemortgaheaway

So I'll have 2004-2015 as a final salary based take it at 60 and 2015-2016 as career average (so far). I guess I will have to look at the value of kidneys, lungs and any other organ I can sell then.

Thanks for the info.

enthusiasticsaver

louby40 wrote: »

Up until 2015 teachers pensions were final salary based. From then on pensions will now be career average salary based.

So my pension will be a pension of 2 halves from 1996-2015 will be final salary and I can claim that pension at 60. But the second part of my pension I won't beable to draw that until I'm 67 (along with my state pension) so I may have a shortfall for 7 years. This is where I may need to sell my house.

I need to get advice regarding this. No way I'm teaching until I'm 67!

If you buy added years or pay in AVCs you may not need to. Other options to bridge the gap are SIPPs and stocks and shares ISAs. Topping up your teachers pension should be the first port of call generally. Get some quotes for retirement at 60 and post on the pension board as a first step.

louby40

Sorry to hijack your diary Mrs S with pension talk

MrsSave

louby40 wrote: »

Sorry to hijack your diary Mrs S with pension talk

:rotfl: No worries. I need to read through it all properly!!

After being off work sick a fortnight ago, I've been back off again this week. I didn't manage to clear what I had before, and now seem to have it all over again. I'm living off a cocktail of tablets and sleep at the moment. To make things slightly more difficult, both boys are now poorly as well. They were supposed to be staying with their dad, but wanted to come home. I of course welcomed them home, and Mr S camped out in ds1's room last night as well!!

Currently ds2 is in bed, ds1 and MrS are watching the minions and I'm in bed!! We were supposed to have our big half term day out tomorrow, but we're postponing that until next weekend.

Money wise, I'm keeping an eye on the accounts, but not doing much else at the moment. It's pay day next wednesday so will have to sort March's budget by then.

JoJoC

Sorry you're all sick Mrs S, but good that you have the help of Mr S with the kids while you're feeling so bad. Hope you all make a speedy recovery and I'm sure your budget can wait until you feel more up to it.

debtaghh

Hope you feel better soon x