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Additional pension/advice welcome.

Discussion in 'Retirement' started by tolkien28, Oct 30, 2017.

  1. tolkien28

    tolkien28 New commenter

    I am due to retire next summer and as I've been supply/part time teaching for the last 10 years I'm now looking at different ways in which I can boost my pension. I will take advice from Wesleyan when I get round to filling in the form, but for now can someone explain the advantages of taking out additional pension. I've been on the TPS website and used their calculator, which works out as a £4,900 lump sum to get an extra £250 per annum on to my pension. Would this be for a maximum of 20 years pay out? As I've said I need someone who is au fait with all this to explain it to me more fully.

    Thanks in anticipation.
     
  2. phatsals

    phatsals Occasional commenter

    This would be index linked for life and you would also get 20% tax relief on the lump sum payment.
     
    emerald52 likes this.
  3. aspen_1

    aspen_1 New commenter

    No idea of the answer to this one but I do wonder whether you would have to wait until 65 before you could draw on it though.
     
    tolkien28 likes this.
  4. tolkien28

    tolkien28 New commenter

    Thanks for that info, extremely helpful.
     
  5. tolkien28

    tolkien28 New commenter

    Yep, that could well be true. Will look into it fully.
     
  6. thistledoo

    thistledoo Senior commenter

    Talk to a pension adviser, Wesleyan is ok and first meeting is free. Sooner the better.
     
  7. sci

    sci New commenter

    You need to speak to Wesleyan asap. Using pension payouts to buy more pension may be problematic. It is called recycling pension.
    You could think of the scheme as swapping savings for an income. If you can afford to put the money away now and will guarantee not to use it then the teachers pension system will give you the best payout
    Why not check out faster accrual while you are talking to the advisor. It may help more even though you are only doing it for a few months.
     
    thistledoo and emerald52 like this.
  8. tolkien28

    tolkien28 New commenter

    Thanks for your advice. Much appreciated.
     
  9. tolkien28

    tolkien28 New commenter

    Will do. I need to get myself organised ASAP.
     
    thistledoo likes this.

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