Teachers' pension

blackeberg

The right to buy additional pension - up to £5000 per year extra at todays prices.

Ian_W

Index linking annually to RPI ....
Scheme underwritten by the taxpayer and not dependant on investment growth ...

Gosh it's beginning to sound like that scene from The Life of Brian,
What have the Romans ever done for us?
:rotfl:

seven-day-weekend

Ian_W wrote: »

Index linking annually to RPI ....
Scheme underwritten by the taxpayer and not dependant on investment growth ...

Gosh it's beginning to sound like that scene from The Life of Brian,
What have the Romans ever done for us?
:rotfl:

:rotfl: :rotfl: Yes, but APART FROM a spouse's pension, the right to buy additional pension, index linkng, government backed......what additional benefits does the Teachers' Pension Scheme have?:rotfl:

(Was it the Judean Peoples' Front who said that or the Peoples' Front of Judea? )

littleowl

OK - I have no spouse; bought AVCs (don't receive anything like the amount was told they would add); index linking has meant at the most £7 or £8 per month each year and sometimes a lot less.

PasturesNew

So, in the absence of any pension. And it being too late now for me to even think about starting one .... I need to marry a teacher at some future point to benefit from their spouse pension benefit.

*adds to the list of how to get a pension*

littleowl

PasturesNew wrote: »

So, in the absence of any pension. And it being too late now for me to even think about starting one .... I need to marry a teacher at some future point to benefit from their spouse pension benefit.

*adds to the list of how to get a pension*

Not a bad idea!:rotfl:

seven-day-weekend

littleowl wrote: »

OK - I have no spouse; bought AVCs (don't receive anything like the amount was told they would add); index linking has meant at the most £7 or £8 per month each year and sometimes a lot less.

I think you can nominate another beneficiary if you have no spouse.

I don't think buying AVCs is the same as buying directly into the pension, as up until recently you had to buy an annuity with the AVC fund, so it is not based on final salary like the pension is. My husband wishes he'd never bothered with AVCs. He gets £500 A YEAR from them!

The index-linking may only be £7-8 per month, but many pensions don't have anything.

It is an excellent pension, be pleased that you have it.

looby-loo_2

seven-day-weekend wrote: »

I think you can nominate another beneficiary if you have no spouse.

I don't think buying AVCs is the same as buying directly into the pension, as up until recently you had to buy an annuity with the AVC fund, so it is not based on final salary like the pension is. My husband wishes he'd never bothered with AVCs. He gets £500 A YEAR from them!

The index-linking may only be £7-8 per month, but many pensions don't have anything.

It is an excellent pension, be pleased that you have it.

If you don't mind me asking, how much did he pay in to AVCs and for how many years to get £500 a year. I've been told to get them and I must say I'm very unsure

littleowl

seven-day-weekend wrote: »

I think you can nominate another beneficiary if you have no spouse.

I don't think buying AVCs is the same as buying directly into the pension, as up until recently you had to buy an annuity with the AVC fund, so it is not based on final salary like the pension is. My husband wishes he'd never bothered with AVCs. He gets £500 A YEAR from them!

The index-linking may only be £7-8 per month, but many pensions don't have anything.

It is an excellent pension, be pleased that you have it.

Believe me I am very pleased I have it!

I don't remember there being any opportunity to buy into pension other than AVCs.

I receive around £800 a year from the latter but do remember being told by the Prudential, which was employed by the college in which I was a lecturer to offer AVCs, that the puchasing power would be much higher. However, when I bought the annuity that was the result and, as it was relatively small I needed to take the whole amount rather than having it indexed linked. Probably not a good decision.

I don't suppose it is possible to 'sell' the annuity for a lump sum at this stage is it?

rabidhyena

As a teacher in a similar position, this is proving very interesting