Pay extra into civil service pension / Teachers pension or other??

confusedbypensions

Hi,
My wife & I are both 47 - got a bit of disposable income each month to invest & trying to work out best option?? Looking to at about 55 & do something part time - my wife has worked part time for a number of years so has a smaller pension pot but ive got about 30 years in. Want something that we can use @ 55 to supplement my part time work & getting confused with all the options available- I pay more into my classic cs pension / my wife pays more into her TPS / AVC’s / other type of saving? Any help grateful received. Thanks

Nile

Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

I’ve moved your thread from the ‘I wanna’ board to the ‘Pensions, Annuities & Retirement Planning’ board, where it is better suited.

Regards

Nile

zagubov

Deciding to pay more into the TPS or an AVC needs a bit of thought.

An AVC's more inheritable but the main one associated with the TPS won't let you take a lump sum plus flexible withdrawals without jumping through a few hoops you might not know about.

The TPS extra pension's less inheritable but inflation-proof and quite generous. But it's nobody's job to suggest you pay more into it.

Your wife might need to ask some questions to her union or the pension providers about it. Please suggest this.