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Alternative pensions

Discussion in 'Retirement' started by Prim, Jul 13, 2019.

  1. Prim

    Prim Occasional commenter

    Just thinking about consequences of the firefighters judgement and I know that all of this is blue sky. So if the government (big IF I know) put everyone onto the same protection as proteced members and we revert back to the final salary scheme until 2022 that puts me at 53. I'm retiring at 55 so if I stay in the TP then I will contribute 21/2 years into the CARE pot. My view is that this will be worth next to nothing if I take at 55. If I opt out into a private SIPP does my employer also have to make a contribution e.g. I would still save the same amount as I would for my TP?

    Just mulling over some ideas as I don't want to waste £12k of my money over this short period of time.
     
  2. paulstevenjones

    paulstevenjones New commenter

    Where’s the 2022 date coming from?
     
  3. diddydave

    diddydave Established commenter

    No. They have to offer you 'a' scheme so the TPS will be it, unless they're not a state school and then they can offer an alternative.
     
  4. diddydave

    diddydave Established commenter

    It's derived from the fact that 'protected' members of the TPS were those who were within 10 years of their NPA in 2012. They are the ones who were allowed to remain in the final salary scheme for those 10 years which is the basis for the discrimination case that was lost by the government with respect to the firefighters and judges pension schemes that had the same structure.
     
    paulstevenjones and Prim like this.
  5. paulstevenjones

    paulstevenjones New commenter

    Ah ok thank you.
     
  6. applecrumblebumble

    applecrumblebumble Lead commenter

    I was wondering, if the government puts nearly everyone back to the final salary provision, how is that going to affect their choices of retirement and ultimately retention of staff. The thought of retiring at 55 or NPA of 60 must be a wonderful thought to many teachers who are on CARE.
     
    Prim likes this.
  7. Prim

    Prim Occasional commenter

    It's what we signed up to when we entered teaching many years ago. Lower pay than industry but a good and reasonable pension that we and our employer contributed to. To make teachers stay until 67 is nothing short of theft :(
     

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