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Opting out of Pension Payments

Discussion in 'Supply teaching' started by DerKaiser, May 30, 2011.

  1. I'm currently doing secondary supply work in Scotland and have been on and off since August last year. With the job market looking fairly grim and a long summer looming I decided a month back to opt out of the pension contributions so I'd have money over the summer for important things like mortgage payments and putting food in my kids mouths. I'd been teaching for just under two years so I was entitled to do this.
    Since then though a few temporary jobs have cropped up and I'm in the running for a couple of them. I'm now wondering if opting out was a good decision and whether scrimping and saving over summer would have been the better choice.
    Has anyone else had this experience and how easy will it be to opt back in later if I secure a job? Will there be a big effect on my pension in 25 years time or so?
    Any advice or comments would be most welcome..
     
  2. I'm currently doing secondary supply work in Scotland and have been on and off since August last year. With the job market looking fairly grim and a long summer looming I decided a month back to opt out of the pension contributions so I'd have money over the summer for important things like mortgage payments and putting food in my kids mouths. I'd been teaching for just under two years so I was entitled to do this.
    Since then though a few temporary jobs have cropped up and I'm in the running for a couple of them. I'm now wondering if opting out was a good decision and whether scrimping and saving over summer would have been the better choice.
    Has anyone else had this experience and how easy will it be to opt back in later if I secure a job? Will there be a big effect on my pension in 25 years time or so?
    Any advice or comments would be most welcome..
     
  3. I did get Income based JSA, didn't qualify for C-Tax relief, did get a £60 dental bill paid (very helpful at the time) but at one point it was a proper struggle. It seemed like I was always at the "dole" office as one week I'd pip the 16 hours then two weeks of supply scraps then back just over 16 hours the next week and so on and so on. I'm sure it's a story repeated amongst a lot of teachers.
    Currently waiting to hear back from two applications and if I get one I think from what you've said cancelling the rebate might be worthwhile. Part of the rebate is actually for a selfish reason as I'd like to take my wife and two young kids for a cheapo UK holiday this summer.....we all deserve it!
    Thanks for all your comments, you've been really helpful.


     

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