Starting a private pension whilst in-between jobs
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Alexander83
Posts: 1 Newbie
Hi guys and gals,
I’ve been a qualified primary school teacher for 5 years and have been teaching 3 days a week or more each year however I’ve handed in my notice in order to start a new career. I plan on supply teaching next year while I transition (hopefully!) into another job with a pension scheme. My question is whether I should pay into a private pension scheme for the year that I project that I will be in-between jobs? (Supply teaching doesn’t offer any pension benefits)
What do you guys think?
I’ve been a qualified primary school teacher for 5 years and have been teaching 3 days a week or more each year however I’ve handed in my notice in order to start a new career. I plan on supply teaching next year while I transition (hopefully!) into another job with a pension scheme. My question is whether I should pay into a private pension scheme for the year that I project that I will be in-between jobs? (Supply teaching doesn’t offer any pension benefits)
What do you guys think?
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your future self will thank you if you doI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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You can pay in up to £2,880 in a (tax) year without earnings.
In a year with earnings, which i presume is likely unless your year off neatly lined up with tax years, you can pay in 80% of what you earned minus what already went into a pension.0 -
Alexander83 wrote: »Hi guys and gals,
I’ve been a qualified primary school teacher for 5 years and have been teaching 3 days a week or more each year however I’ve handed in my notice in order to start a new career. I plan on supply teaching next year while I transition (hopefully!) into another job with a pension scheme. My question is whether I should pay into a private pension scheme for the year that I project that I will be in-between jobs? (Supply teaching doesn’t offer any pension benefits)
What do you guys think?
I think it's hard to take financial decisions for other people based on next to no information!
If you can afford to contribute to a pension and want to save for retirement, then it makes sense.0 -
If you are happy to make some basic decisions I would suggest opening a SIPP and paying in whatever you wish on a monthly basisTrying to do the right things right
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I don't suppose that supply teaching is going to make you into a higher rate taxpayer. Maybe you should keep your powder dry for future contributions to a pension that would attract an employer contribution too, or might offer salary sacrifice.
Have you got a decent cash emergency fund? Are you under age 40? If "yes" to both, why not consider subscribing into a LISA? It might suit you.
Remember that contributing to a pension is of itself of no importance. What matters is saving and investing for old age. Some years a pension will be a good way to do that, some years there will be better ways.Free the dunston one next time too.0 -
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