Teachers' pension

seven-day-weekend

littleowl wrote: »

As far as I am aware there is no provision for anyone other than a spouse to receive part of a teacher's pension. Is there any evidence to the contrary?

See my edited post 26.

littleowl

seven-day-weekend wrote: »

See my edited post 26.

Unfortunately that doesn't work for me either.

quote: • The scheme also provides pensions for children while they are under 17 or in full-time education.

I would like to nominate a child but he is not under 17 nor dependent so that aspect of the teacher's pension scheme is not relevant to me - hence my original comment.

looby-loo_2

My husband taught for 37 years (tough inner city school, top of his scale, just below deputy). His final salary was about £28K and his pension is just less than £11K so again, not quite £30K!

seven-day-weekend

Also it says a dependent relative.

littleowl

seven-day-weekend wrote: »

Also it says a dependent relative.

Well - as that doesn't apply either I fail to see what 'other' benefits there might be.

seven-day-weekend

littleowl, there are these benefits to th Teachers' pension Scheme, as mentioned above. This is what helps to make it such a good scheme.

Unfortunately, you don't appear to be in a position to benefit from them, but that does not mean it is not a good scheme for most people. And I'm sure it's better than an annuity (see our remarks above)!:rotfl: :rotfl:

littleowl

seven-day-weekend wrote: »

littleowl, there are these benefits to th Teachers' pension Scheme, as mentioned above. This is what helps to make it such a good scheme.

Unfortunately, you don't appear to be in a position to benefit from them, but that does not mean it is not a good scheme for most people. And I'm sure it's better than an annuity (see our remarks above)!:rotfl: :rotfl:

I absolutely agree that it is a good pension scheme. The added benefits will obviously apply to some people but it is the scheme itself which is to be coveted. And anything is better than an annuity!

I asked earlier, as did another contributer, if it was possible to 'sell' an annuity once it was taken. As far as I am concerned a lump sum would be of much more benefit than the small amount the additional AVCs I paid into actually produced in the form of an annuity. I have a feeling that it isn't possible but would welcome any information.

Sobraon

Littleowl: re-mortgage and use the income from the annuity to pay the mortgage monthly cost?

For those interested a concise table of benefits for the TPS (both old and new scheme) is on the Government Actuary's Site at http://www.gad.gov.uk/Services/Occupational_Pensions/Public_sector_pensions.asp
(select TPS).

seven-day-weekend

Sobraon wrote: »

Littleowl: re-mortgage and use the income from the annuity to pay the mortgage monthly cost?

For those interested a concise table of benefits for the TPS (both old and new scheme) is on the Government Actuary's Site at http://www.gad.gov.uk/Services/Occupational_Pensions/Public_sector_pensions.asp
(select TPS).

I don't think my husband's £49 a month would pay for a mortgage!:rotfl:

Sobraon

... OK seven-day for fun I tried the figures... roughly £10K if you allow 20 years to pay off the loan (assumes mortgage interest rate about RPI+2% and the £49 mortgage payment increases at RPI).

But ... £30,000 if interest only (same assumptions) which buys you a lovely Nissan 350Z to swoop down to the coast from your mountain aerie :cool: .