Teacher pension - how, what and where to put more in?

jonnydeppiwish!

Hi all,

I’m after some information with regard to putting some more money into my teachers pension scheme. 

I’ve been in it for 4 years, this is my 5th. I’m 45, already have an armed forces pension paying.  When I look on the TPS site, it’s says I can but being completely ignorant, I’ve no idea how to put more in. 

Is it a simple request?
One off or continuous?
Is it even worth it - no mortgage to pay.
Would I/we be better off seeing an IFA for advice?

We’d like to retire earlier rather than later (57 or 58).

Many thank in advance 

Dazed_and_C0nfused

jonnydeppiwish! said:

Hi all,

I’m after some information with regard to putting some more money into my teachers pension scheme. 

I’ve been in it for 4 years, this is my 5th. I’m 45, already have an armed forces pension paying.  When I look on the TPS site, it’s says I can but being completely ignorant, I’ve no idea how to put more in. 

Is it a simple request?
One off or continuous?
Is it even worth it - no mortgage to pay.
Would I/we be better off seeing an IFA for advice?

We’d like to retire earlier rather than later (57 or 58).

Many thank in advance 

Before getting into the detail do you definitely understand the basic principles of the TPS?

It's a DB scheme, probably similar to your armed forces pension, you aren't building up a pot of money, it's more like deferred salary.

TPS will almost certainly have options to either buy more DB pension or move the date you can take the pension without reduction earlier.  Or build up a separate DC fund.

xylophone

https://www.teacherspensions.co.uk/members/working-life/paying-in/increasing-your-pension/additional-pension.aspx

See side panel on the left under "increasing your pension".