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Now Pensions

Discussion in 'Supply teaching' started by BertieBassett2, Jul 15, 2019.

  1. BertieBassett2

    BertieBassett2 Star commenter

    I've been auto-enrolled into the above company. Is it worth staying in it, bearing in mind I'm already in receipt of my Teachers' pension? I work so few days that I'm wondering whether just to take every penny of my take home pay anyway? Thoughts/advice, please!
    pepper5 likes this.
  2. Jesmond12

    Jesmond12 Star commenter

    I was automatically enrolled into a pension scheme but I was given the opportunity to leave which I did and had the contributions that I had paid returned.

    I did not think that it was worth it for the short time I intend to be supply teaching.
  3. BertieBassett2

    BertieBassett2 Star commenter

    That is my thinking, really, Jezza! Thanks for that.
    agathamorse and Jesmond12 like this.
  4. peakster

    peakster Star commenter

    Get out of it - they are completely useless.
    BertieBassett2 likes this.
  5. BertieBassett2

    BertieBassett2 Star commenter

    Thanks, Peakster!
  6. 50sman

    50sman Lead commenter

    At your age you will never pay enough in to get anything worthwhile out.
    BertieBassett2 likes this.
  7. blazer

    blazer Star commenter

    I declined joining the agency scheme as, like you, I was already getting my teacher's pension.
    BertieBassett2 likes this.
  8. Skiver

    Skiver New commenter

    In what way were they useless?
  9. peakster

    peakster Star commenter

    You pay in a tiny amount and you will get very little out of it.

    If you need a pension - get something private or have isas
    agathamorse likes this.
  10. nearmiss

    nearmiss Lead commenter

    The pensions market won't touch agency workers. The reason for this is that they can't do what pension providers do, which is invest the money long term. Agency workers' income is sporadic, low and unpredictable, unlike that of a worker on a permanent contract. Very, very few people make a career of supply teaching and mostly dip in and out quite quickly. At the moment there is no provision for your pension pot to be portable back to the Teachers' Pension Scheme and the the DfE has actually legislated against agency workers being allowed to pay into TPS. The Unions continue to lobby but are currently hitting a brick wall.
  11. BertieBassett2

    BertieBassett2 Star commenter

    After a week of 'un-enrolling' from Now Pensions, I have been credited with my contributions. I was paying about £5 per day, so it's quite a bit from my gross daily salary of £125.
    agathamorse likes this.
  12. daisytoo

    daisytoo New commenter

    If you are over 55, you can "claim" this pension and you will get the employers contributions as well as your own - that is if the 30 day opt out date has already passed.
    agathamorse likes this.

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