Teacher pension - where to go for advice

frugal90

You are too right teaching is stressful. I have found each year after 50 gets harder. How they expect people to do this job until 67/68 is beyond me. I am out next summer aged 56 and a bit, can't wait to find out what makes me tick again. Need to find that mojo again!

Jimmithecat

I think you definitely have to have one eye on leaving teaching at 60 - I have no idea who the government think will be capable of teaching heading towards 67.
I would say (as all the others do also) that signing into my pension online with the TPS is your best start - there are all sorts of modellers on there where you can look up early retirement etc when the going gets tough.
The system seems to be quite efficient so I am sure they will catch up with the different retirement types quite soon.
Can you not convert your council pension to the TP?

louby40

Jimmi - that's definitely an idea. I only worked for them for 5 years so it's a small pot.

I teach in KS1 and currently have 30 5 & 6 year olds. i still love it but it's mentally exhausting -it's a young persons job. I know as I approach 60 i will be desperate to leave.

My mum comes into school as a volunteer (she's 72) and she is amazed at what we are expected to teach.

The TPS online tool is brilliant but once you start crunching the numbers it gets you thinking....if I stay on till I'm 62 I'll get £XX more!! But then I want some quality of life and am looking forward to holidaying when it's CHEAP!!!

louby40

My Benefit Statetment shows me that I can retire at 60 with a £29k lump sum & £9k a year, that's my FS bit. I presume that is it and will never increase? I also have my £3k AVC, my £2k lump sum and £920 a year from my LG pension

The CARE bit obviously is hardly antything yet as I have another 12 years to add to it. Then I have that to look forward to at 67 along with my £5k state pension.

My only other asset is my house.

kidmugsy

louby40 wrote: »

My Benefit Statetment shows me that I can retire at 60 with a £29k lump sum & £9k a year, that's my FS bit. I presume that is it and will never increase?

It'll be inflation-protected, presumably by linking to the CPI.

crv1963

louby40 wrote: »

My Benefit Statetment shows me that I can retire at 60 with a £29k lump sum & £9k a year, that's my FS bit. I presume that is it and will never increase? I also have my £3k AVC, my £2k lump sum and £920 a year from my LG pension

The CARE bit obviously is hardly antything yet as I have another 12 years to add to it. Then I have that to look forward to at 67 along with my £5k state pension.

My only other asset is my house.

So your starting point is at 60- 32k cash lump sum in the bank (Travel money?), 9.9k pa income if you put the 3k AVC into a SIPP and nothing else you can take £750 lump sum to add to cash for travel.


All you need to work out now is the difference between income of 10k pa age 60 to when your CARE pension starts at 67 and your 8k SP starts, plan how you'll bridge that gap and yes retiring at 60 is very likely.


So assuming that you want around 20k pa 60 to 67 year old you need to save 70k and draw it down at the rate of 10k pa. There are lots of ways/ vehicles to do this -ISA, AVC, SIPPs depending if you want it tax free on the way in (pension) or way out (ISA). We've chosen pension but that may not be right for everyone. Or use a mix of both.

xylophone

along with my £5k state pension.

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

jamesperrett

louby40 wrote: »

My Benefit Statetment shows me that I can retire at 60 with a £29k lump sum & £9k a year, that's my FS bit. I presume that is it and will never increase? I also have my £3k AVC, my £2k lump sum and £920 a year from my LG pension

It might be worth checking whether those are current figures or the figures at the time you left the schemes. If the LG figures are old then you may be in for a pleasant surprise.

louby40

Yes I’ve checked my state pension forecast.

And my most recent paperwork from my LG pension was from March.

Teacher1985

Teachers Pensions recently circulated an update for teachers looking for advice on their pension scheme, which other teachers might find useful:

We’ve received several queries regarding seminars for teachers approaching retirement, which are being offered by Teachers’ Planning Retirement, the Teachers Retirement Agency as well as other providers. Teachers’ Pensions don’t provide advice services and these seminars are not being delivered by Teachers’ Pensions, nor do we appoint companies to deliver the seminars on our behalf. The only member presentations we deliver are through our Employer Relationship Managers and in partnership with the Prudential.

If you receive any queries from members, please advise them that these are not Teachers’ Pensions events and that we do not charge for any seminars that we deliver.

If members are seeking independent advice they may contact their respective union or look at the following:

Unbiased - used by many private sector schemes to point people to independent financial advisors.

Pension Advisory Service - set up by the government to offer free, impartial advice for people with workplace and personal pensions.