Retiring on Teachers Pension Final Salary Scheme - How much lump sum should I take?

VXman

zagubov said:

Are you thinking of working part time when you've retired? Apparently the happiest retirees are those who work part-time in a familiar job. 

I want to put a laughing emoji here!! No, teaching in the UK never made me happy, I’m not sure doing it part time would change that! If I was staying in Hong Kong where I am now then maybe as teaching here is completely different . 

No, I think I will be very happy retired as I have plenty of hobbies/interests to peruse. One being travelling in term time....which would be restricted by a part time teaching job.

clean_cotton

Hi VXman. 

Can I ask whether you purchased additional teachers pension? Or AVCs?

My partner has a teachers pension so would be interesting to know. 

Also, can I ask what method you used mainly to build your £500k investment?

Thanks for your time and I wish you all the best in retirement. 

VXman

clean_cotton said:

Hi VXman. 

Can I ask whether you purchased additional teachers pension? Or AVCs?

My partner has a teachers pension so would be interesting to know. 

Also, can I ask what method you used mainly to build your £500k investment?

Thanks for your time and I wish you all the best in retirement. 

Yes both me and my wife started purchasing Prudentail Teachers AVC's as soon as we had spare cash and realised we wanted to retire ASAP with as much money as possible. From what I have read they my not have been the best route in terms of returns on the investment but they were an easy way of saving and forgetting.

So the £500,000 will be a result of Teachers Pension lump sum, AVC's and savings which are in cash and S&S funds. built up over the last 15 years or so. That is me and my wife combined. We have worked in Hong Kong for the last 3 years which provides good salaries and low tax.