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Securing best teacher pension
alig1961
Posts: 2 Newbie
Hi Everyone.
I've never been on a forum before and I hope that there is someone out there that has been in the same position as me and can help me with the issue I have.
I'm 46 and for the last 12 years I have been a senior leader. Last November I stepped down due to the workload. As a result, my salary dropped significantly. I had a meeting with Wesleyan and I asked if there was a way in which I could secure my best 3 consecutive years pension before it started to dwindle away. I was told that there was but that they couldn't advise it.
The suggestion was to stop paying into my pension for a month, which would then halt that part of the pension. I will be happy to do this and will have all my fingers crossed that nothing happens to me in that month as I know I wouldn't get the death in service pay-out. But when I spoke to a colleague in school they said that I need not stop the pension for a month, but could stop it for a day, and this would then not show in a break of service, and then if redundancy came my way, I wouldn't be penalised.
I hope this makes sense? The teachers pension cannot tell me if any of this is right. I am hoping that someone out there can tell me that they have done it and how to go about it and how long they took the break for.
Thank you all.
I've never been on a forum before and I hope that there is someone out there that has been in the same position as me and can help me with the issue I have.
I'm 46 and for the last 12 years I have been a senior leader. Last November I stepped down due to the workload. As a result, my salary dropped significantly. I had a meeting with Wesleyan and I asked if there was a way in which I could secure my best 3 consecutive years pension before it started to dwindle away. I was told that there was but that they couldn't advise it.
The suggestion was to stop paying into my pension for a month, which would then halt that part of the pension. I will be happy to do this and will have all my fingers crossed that nothing happens to me in that month as I know I wouldn't get the death in service pay-out. But when I spoke to a colleague in school they said that I need not stop the pension for a month, but could stop it for a day, and this would then not show in a break of service, and then if redundancy came my way, I wouldn't be penalised.
I hope this makes sense? The teachers pension cannot tell me if any of this is right. I am hoping that someone out there can tell me that they have done it and how to go about it and how long they took the break for.
Thank you all.
0
Comments
-
Hi, and welcome.
I suspect you may be better off posting this message in the pensions section of the forum:
https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning
There's a chance a moderator might move this post there anyway.
Good luck!1
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