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Just a worried thought about fat cats and TPS...

Discussion in 'Education news' started by Mrsmumbles, Oct 2, 2018.

  1. Mrsmumbles

    Mrsmumbles Star commenter

    We all know that a colossal swathe of academy staff are creaming off the cash and awarding themselves highly debatable salaries. Which are factored into their TPS pensions? I’m getting worried now. I was an old school teacher, back in the half on days of LEAS, ritually every job being permanent and no rigged appraisals. I paid in for 20 years and worked very hard for it. Won’t the pension pots of normal hard slogging teachers be at risk of just running out now? There have been so many inflated salaries...surely this will affect TPS?
    tterb likes this.
  2. FrankWolley

    FrankWolley Star commenter

    There is no pension pot in the TPS...

    Teachers paying in today (like you, I assume) pay my pension (as a retired teacher). So if you are paying in, can I say thanks?:D
    yodaami2 likes this.
  3. Mrsmumbles

    Mrsmumbles Star commenter

    I know..but I just wanted to clarify..who on earth IS going to oaky these huge pensions for the fat cats when teacher salaries are generally so small? It no make sense! Oh and you’re welcome. I paid in for twenty years but I will never see the full whack as I was forced out mid forties. My neighbour taught for 20 years from 1978-1988 and has an awesome pension. Holidays four times a year. No idea what she receives. I am predictably envious but also happy for her, as she was an excellent teacher. They don’t make them like that any more!
  4. applecrumblebumble

    applecrumblebumble Lead commenter

    As Frank says no pension pot but I understand your concern. These high salaries do attract very high contributions and employer contributions. Typically if you look at a principal at an academy on say £110,000 to say £120,000 they would need £15,000 to £20,000 in contributions. I do find it interesting when they quote salaries for these people that the salary is quoted separate to pension contribution. I would also assume that many of these pensions are on a salary average scheme not the old final salary scheme. To top it all employers contributions are due to go up next year to help finance our current crop of pensioners.
    Typically a pension for a teacher having done 20 years of service on the top end UPS would be £10,000, not exactly a fortune but comfortable if you have paid of your mortgage and do not have any other big debts.
    Mrsmumbles likes this.
  5. FrankWolley

    FrankWolley Star commenter

    That's about right. I reached SLT for nearly a decade, did just over 30 years in all and get about £1200 pcm (I took the maximum lump sum) having retired just before my 57th birthday. We find this enough to live comfortably.
    yodaami2 likes this.
  6. Mrsmumbles

    Mrsmumbles Star commenter

    But this Ian my concern...this lot are grabbing xooossal juicy employee contributions for already unfair and inflated salaries whilst simultaneously kicking out mid range teachers on modest salaries. It seems utterly unfair, but as this lot control hiring and firing, the only protest is to quit and no longer pay in...hardly feasible for many! Meanwhile, so many are quitting despite the unequal pay in academies and Schools. This new breed of fat cats are worse than ‘Fred the Shred.’ It really does seem to to be every man for himself as even TPS, like the Public Accounts Committee, seem completely hamstrung.

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