Retired soon to be reemployed, Teacher's Pension

Mr_Pegs

I retired at 60 my normal pension age final salary scheme. I have agreed to do some ad-hoc cover teaching maybe a couple of days a month which is more than enough for me. I have contacted the teachers pension with regard to 'earnings exceed your salary of reference' and abatement non of which will apply to me ( as you would imagine with only a couple of days a month ).

I will be auto enrolled into into the Teachers pension Career average scheme. I feel I should opt out as the benefits would be not worth it, does anyone have experience of re-employment in the world of teaching?


I only intend to work ad-hoc another 2 years or so any thoughts from teachers in my situation bearing in mind so few days teaching,it just feels odd to opt out of a scheme I was in for many years Thanks.

Sobraon

I am currently in a similar position (although not teaching in schools) and I let the auto-enrollment process follow its course. If you opt out you would forgo the employers contribution and the value of the scheme has been discussed a lot in this forum so might be worth a search.

An old friend who is 5 years older than me has just retired (again) and is receiving a 2nd pension from TPS. His working arrangements are similar to your plan and he was pleasantly surprised by the additional pension having forgotten that he had been re-enrolled.

oh.. and even if you opt out you will still have to deal with the re-employment admin from TPS

Dazed_and_confused

And you will have to pay more tax on your new job.

Mr_Pegs

Sobraon wrote: »

I am currently in a similar position (although not teaching in schools) and I let the auto-enrollment process follow its course. If you opt out you would forgo the employers contribution and the value of the scheme has been discussed a lot in this forum so might be worth a search.

An old friend who is 5 years older than me has just retired (again) and is receiving a 2nd pension from TPS. His working arrangements are similar to your plan and he was pleasantly surprised by the additional pension having forgotten that he had been re-enrolled.

oh.. and even if you opt out you will still have to deal with the re-employment admin from TPS

I asked the TPS about the re-employment admin and completing a opt-out form yes I would have to do that, but now there is no requirement to fill a re-employment form as the employer uploads pension details monthly to TPS I mention this just for info for anyone else reading in the future

Mr_Pegs

Dazed_and_confused wrote: »

And you will have to pay more tax on your new job.

Yes I would something to be honest is making me think is it worth it to be re-employed paid so much tax in my life like so may of us but such is life...

Dazed_and_confused

We may be at cross purposes.

I meant that if you take the job and opt out of the pension you will pay more tax on the income from the job than you would if you were in the pension scheme.

Mr_Pegs

Dazed_and_confused wrote: »

We may be at cross purposes.

I meant that if you take the job and opt out of the pension you will pay more tax on the income from the job than you would if you were in the pension scheme.

No problem thanks for your comments and interest