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    • Alexander83
    • By Alexander83 10th Jul 18, 11:41 AM
    • 1Posts
    • 0Thanks
    Alexander83
    Starting a private pension whilst in-between jobs
    • #1
    • 10th Jul 18, 11:41 AM
    Starting a private pension whilst in-between jobs 10th Jul 18 at 11:41 AM
    Hi guys and gals,

    Iíve been a qualified primary school teacher for 5 years and have been teaching 3 days a week or more each year however Iíve 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 doesnít offer any pension benefits)

    What do you guys think?
Page 1
    • MallyGirl
    • By MallyGirl 10th Jul 18, 11:47 AM
    • 3,049 Posts
    • 8,077 Thanks
    MallyGirl
    • #2
    • 10th Jul 18, 11:47 AM
    • #2
    • 10th Jul 18, 11:47 AM
    your future self will thank you if you do
    • AnotherJoe
    • By AnotherJoe 10th Jul 18, 12:44 PM
    • 11,508 Posts
    • 13,302 Thanks
    AnotherJoe
    • #3
    • 10th Jul 18, 12:44 PM
    • #3
    • 10th Jul 18, 12:44 PM
    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.
    • Brynsam
    • By Brynsam 10th Jul 18, 1:57 PM
    • 1,676 Posts
    • 1,232 Thanks
    Brynsam
    • #4
    • 10th Jul 18, 1:57 PM
    • #4
    • 10th Jul 18, 1:57 PM
    Hi guys and gals,

    Iíve been a qualified primary school teacher for 5 years and have been teaching 3 days a week or more each year however Iíve 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 doesnít offer any pension benefits)

    What do you guys think?
    Originally posted by Alexander83
    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.
    • cash1948
    • By cash1948 10th Jul 18, 2:03 PM
    • 44 Posts
    • 57 Thanks
    cash1948
    • #5
    • 10th Jul 18, 2:03 PM
    • #5
    • 10th Jul 18, 2:03 PM
    If you are happy to make some basic decisions I would suggest opening a SIPP and paying in whatever you wish on a monthly basis
    • kidmugsy
    • By kidmugsy 10th Jul 18, 4:58 PM
    • 12,074 Posts
    • 8,523 Thanks
    kidmugsy
    • #6
    • 10th Jul 18, 4:58 PM
    • #6
    • 10th Jul 18, 4:58 PM
    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.
    • AnotherJoe
    • By AnotherJoe 11th Jul 18, 11:34 AM
    • 11,508 Posts
    • 13,302 Thanks
    AnotherJoe
    • #7
    • 11th Jul 18, 11:34 AM
    • #7
    • 11th Jul 18, 11:34 AM
    If you are happy to make some basic decisions I would suggest opening a SIPP and paying in whatever you wish on a monthly basis
    Originally posted by cash1948

    You cant pay in "whatever you wish"
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