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opting out

Discussion in 'Retirement' started by cedars1948, Oct 23, 2019.

  1. cedars1948

    cedars1948 New commenter

    I have made the decision to opt out - filled the form in on line. It says will go to my employer. Does anyone know how long this will take.
     
  2. HannahD16

    HannahD16 New commenter

    Are you sure you’ve made the right choice? Read all these threads = TPS best of all other retirement safeguards. Be careful is all I’m saying!
     
    emerald52 and border_walker like this.
  3. cedars1948

    cedars1948 New commenter

    thank you for that
    It take a while to press the submit button. The opting out is for this year only as i intend to take early retirement at the end of the year. I have been out of service for two years and coming back means my best in 10 has changed with the pension going down
     
    emerald52 likes this.
  4. HannahD16

    HannahD16 New commenter

    Ah that’s different. I urged caution as I have a female colleague who I know is not paying into her TPS for the third year now. Only in her forties and three kids so money understandably an issue. But I do worry about her when she gets nearer retirement what dilemmas she will face .......
    I have passed the age 50 watershed so my mind turns more and more to thoughts of retirement and until a couple of years ago, my pension did not feature AT ALL in my thinking.
    Now, I am actively putting extra into an AVC (fingers crossed on that one) and I plan to discuss faster accrual or additional pension at an upcoming seminar with my union. I think we all work too hard to spend our twilight years worrying about making ends meet so I plan to live a later life of comfort and be worry free.
    Anyway, I do hope you have taken sound advice about your choices as the intricacies of TPS can be a mine field day.
    Best of luck
     
  5. diddydave

    diddydave Established commenter

    Always a tough decision and only you can know if it is right for you...did you backdate your opt-out to the start of your re-entry into the TPS?
     
  6. cedars1948

    cedars1948 New commenter

    As I have only just started in this job it states that if within three months it goes back to the beginning of September and you should get a refund.
     
  7. diddydave

    diddydave Established commenter

    Great as otherwise if they opted you out from now onwards your 10 years back would be reset back from October 2019 to October 2009...I'd suggest you make absolutely sure that this is what will happen, get it in writing from TPS...my reading of the page was that it was "IF" you wanted a refund you could do it within 3 months rather than it being something that happens automatically...my worst case scenario for you would be that they leave the two months 'credit' to your pension and just mark you as being opted out from now!
     
  8. cedars1948

    cedars1948 New commenter

    As you know I oped out of the teachers pension.
    I have looked on pension on line and it already has taken effect. My best in three has gone back to 2008-11. This has meant that the pension has gone back up to the level it was before I started employment.
     
    emerald52 likes this.
  9. diddydave

    diddydave Established commenter

    Great news that this extra year's work isn't going to make your pension suffer forever!
     
  10. cedars1948

    cedars1948 New commenter

    Thank you for pointing me in the right direction
     

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