Change of role

mgdavid

Yes stick with the NOW pension.
If your contibutions into NOW is less than what you were paying into TPS then of course you can save the difference into an ISA. Best of both worlds.

Marcon

It's deeply worrying that someone who has been in a position of such responsibility knows so little about pensions, given their importance.

Don't believe all you read. People are much quicker to complain than they are to compliment. Now Pensions has a huge number of tiny employers who have no previous experience of dealing with pension schemes until auto enrolment came along - ditto the employees of these micro firms. Plenty of complaints are actually down to failures of understanding, both on the part of the employer/their payroll provider as well as the employees.



As others have pointed out, you can access your Now pension from (currently) age 55, so why you think you can't access it until years after your TPS is beyond me.

Sign up and get the benefit of free money from your employer and tax relief on your personal contributions.

worried_jim

As a tax payer I thank you for your decision.

Malthusian

Marcon wrote: »

It's deeply worrying that someone who has been in a position of such responsibility knows so little about pensions, given their importance.

I'm in a position of responsibility in the pensions industry and I admit freely that I know sod all about education.

The taxpayer pays a lot of money to ensure teachers don't have to think about their pension provision. Why waste that money?

Malthusian

Surflife wrote: »

What about Now Pensions though, the reviews aren’t great and there are some poor reports on these forums?

If I offered you a briefcase full of £10,000 in cash for free, would you refuse it because some people on Amazon say the briefcase is a bit shoddily made?

Anonymous101

Malthusian wrote: »

I'm in a position of responsibility in the pensions industry and I admit freely that I know sod all about education.

The taxpayer pays a lot of money to ensure teachers don't have to think about their pension provision. Why waste that money?

As someone working in the pensions sector its not your core business to know anything about education.

I think its extremely worrying that someone working in education and therefore teaching our future generations about life knows so little about pensions. I'm not singling out the OP, I think that its symptomatic of the state of personal finance education generally which IMO is appalling.

Pensions, tax, investments and interest, particularly the effects of compounding both positive and negative, should be core principles of a rounded education. They are more relevant and much more important to the general population than almost any other subject I can think of.

xylophone

When I was young and knew little of financial matters ( except my dear old Dad said it was better to save in a building society than the bank), I taught for a couple of years before moving into the financial sector.

I was invited to move my TP to the new employer's DB scheme and did so - I can't say I thought about it and all I knew about the new scheme was that it was generous and non-contributory - the finer details just passed me by....

Time brings knowledge and experience ( and wrinkles, alas.......):)

mgdavid

xylophone wrote: »

When I was young and knew little of financial matters ( except my dear old Dad said it was better to save in a building society than the bank), I taught for a couple of years before moving into the financial sector.

I was invited to move my TP to the new employer's DB scheme and did so - I can't say I thought about it and all I knew about the new scheme was that it was generous and non-contributory - the finer details just passed me by....

Time brings knowledge and experience ( and wrinkles, alas.......):)

When you were young, fair enough - but the OP is 48 !!

mgdavid

Malthusian wrote: »

I'm in a position of responsibility in the pensions industry and I admit freely that I know sod all about education.

..........

I sincerely hope you don't have any children.....

Sanctioned_Parts_List

Anonymous101 wrote: »

I think its extremely worrying that someone working in education and therefore teaching our future generations about life knows so little about pensions.

I find it equally worrying that so many subjects that should be in the purview of parents are given over to teachers, when teachers only have 5.5 hours per day to teach, and parents have rather longer to parent. Each of these additional responsibilities restricts the teacher's ability to teach the core subjects in which we also expect the children to excel.

Unless, of course, we're prepared to fund 8 hour teaching days for our stinkers.