Confused about pension.

Josiejo12

Hi,

I am hoping for a little bit of help really. I feel very confused about pensions and feel that as I am now 30 I should really get to grips with it all.
I worked for 4 years as a teacher and was paying into a pension fund. I then left my job in 2016 and am now doing a different job on a salary of about £13,000. I think I am paying into a pension fund with them but obviously as my salary is so small it's not going to be very much! My new job is a permanent role but the future of the job that I am doing looks a bit uncertain. Therefore I am unsure as to how long I will in my current position and furthermore if I were to leave what I would do next! I don't really want to go back to teaching.

On this basis what do you think would be my best options pension wise?

atush

To pay as much into yoru current pension as you can afford(at leastt pay in enough to get th max employers contribution), and to start looking for another job while this job looks uncertain

You may not want to teach, but those 4 years in the TPS will be the bedrock of your retirement as it will grow every year until it comes time to take it.

Dox

Based on so little information it's impossible to give any really sensible advice other than to agree with the previous post. Just don't pay money into your pension at a level which means you need to borrow to live now.

AnotherJoe

Josiejo12 wrote: »

Hi,

I am hoping for a little bit of help really. I feel very confused about pensions and feel that as I am now 30 I should really get to grips with it all.
I worked for 4 years as a teacher and was paying into a pension fund. I then left my job in 2016 and am now doing a different job on a salary of about £13,000. I think I am paying into a pension fund with them but obviously as my salary is so small it's not going to be very much! My new job is a permanent role but the future of the job that I am doing looks a bit uncertain. Therefore I am unsure as to how long I will in my current position and furthermore if I were to leave what I would do next! I don't really want to go back to teaching.

On this basis what do you think would be my best options pension wise?

To work on getting a job / career / skills that pay much MUCH more than £13k.

Seriously. No sarcasm intended at all.

On such a low salary it doesn't matter what you do , how much you finesse your pension contributions unless you are independently wealthy and can put at least 50% of it into a pension.

Other than that option which i guess isn't on the table, that you need to raise your ambitions and earn more. Worry about that, not your current pension.

xylophone

You have a degree and a professional qualification.

Are there reasons why you have chosen this low paid job?

LHW99

And don't try to transfer the teacher's pension. You may end up working in the field again, or becoming a member of the LGPS or similar when the existing "small" amount could be used to add to a new similar-type pension in the future.

hyubh

LHW99 wrote: »

And don't try to transfer the teacher's pension. You may end up working in the field again, or becoming a member of the LGPS or similar when the existing "small" amount could be used to add to a new similar-type pension in the future.

Won't be able to anyway, unless it's to another DB scheme (realistically, another public sector scheme).