Should I stay in Teachers Pension?

Credit-Crunched

I'll swap, I will pay you £250 and I will take your pension when in payment!

Marcon

Partaloa38 wrote: »

I am 53 and just secured a permanent teaching position. The question: should I continue to pay into the teachers pension? It is a whopping£250 a month but I have a LGPS pension that I had paid into for 26 years previously which in theory I can take at 55. I know after 3 months I can't get any Teachers Pension refunded so I'm just wondering what the best thing is to do. Any thoughts. I will also have a full state pension when I'm 67. :rotfl:

This question is a prime example of why we need financial education to be taught in schools. I can only hope you aren't going to be responsible for doing so! Seriously, I wish you every success in your new career, but get a grip on just how much a decent pension costs. You've had a sheltered life so far with the LGPS and your trip down Reality Lane is a lot gentler than many of your age.

daveyjp

Think of pulling out as accepting a significant pay cut and its a slightly easier decision to make.

Blackbeard_of_Perranporth

No wonder that the graduates I get after their education are not financially astute when it comes to pensions if this op wants out of the TPS scam!

kinger101

Gift horse? Mouth?

I pray you're not teaching maths or economics.

girllikeme1

I'm shocked when anyone opts out LGPS or TPS.

Aretnap

Speaking as a taxpayer, I strongly recommend that you opt out! ��