Pension advice

bigbeff

Hi all, 

I'm just turning 40 this year and I am looking at my finances and starting to prepare for retirement (I figure start now and I might be able to retire at a reasonable age!)

I have a teachers pension and have been paying into it for about 12 years so far (or equivalent of). I went part time about 3 years ago so and am now in a position to add to my pension. The question is, what is the best way? My pension currently stands at about £8k and I was doing faster accrual - but I have missed the date for sorting that for this year. I can buy more pension in £250 slabs... I imagine this is my best bet for a future retirement - my understanding of pensions is a bit limited. I do have a lifetime isa, so I can put some in there, but am I better putting it into my pension even if it is just another £100 a month? I just can't work out what the income of part-time will do in the long term - I am personal tutoring so I can put more in... I just wonder what impact it all has? How much would I expect to accrue each year in pension if I was on a full time wage of £32k - or how much would I expect to pay pension wise? Any advice is welcome. 

Thanks in advance

Marcon

bigbeff said:

Hi all, 

I'm just turning 40 this year and I am looking at my finances and starting to prepare for retirement (I figure start now and I might be able to retire at a reasonable age!)

I have a teachers pension and have been paying into it for about 12 years so far (or equivalent of). I went part time about 3 years ago so and am now in a position to add to my pension. The question is, what is the best way? My pension currently stands at about £8k and I was doing faster accrual - but I have missed the date for sorting that for this year. I can buy more pension in £250 slabs... I imagine this is my best bet for a future retirement - my understanding of pensions is a bit limited. I do have a lifetime isa, so I can put some in there, but am I better putting it into my pension even if it is just another £100 a month? I just can't work out what the income of part-time will do in the long term - I am personal tutoring so I can put more in... I just wonder what impact it all has? How much would I expect to accrue each year in pension if I was on a full time wage of £32k - or how much would I expect to pay pension wise? Any advice is welcome. 

Thanks in advance

Loads of information (including calculators) on the TPS website: https://www.teacherspensions.co.uk/members?gclid=EAIaIQobChMI9-jF2_uQ9wIVCbTtCh0nXQSaEAAYASAAEgKUUPD_BwE