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part time and top up pension payments

Discussion in 'Part-time and job share' started by pendlebury, Sep 16, 2017.

  1. pendlebury

    pendlebury New commenter

    Hi, I've just dropped from full time to 0.6 hours. Can I make more payments to my TP and is it worth it?
    Thank you.
     
  2. Sundaytrekker

    Sundaytrekker Star commenter

    The available route would be through buying additional pension. You can buy this in final income multiples of £250 a year so you can try to work out how much you would need to buy to try to make up some of the pension entitlement you are not earning as a part timer. How much it will cost will depend on how much you want to buy and over how many years you buy it. The cost can be monthly and payments are taken before income tax is applied.

    I bought £1500 worth and with inflation adjustment it ended up just below £2000. I think it was worth it compared to other pension savings but you would need to judge for yourself. There are calculators on the TPS website to help you find out more.
     
  3. BarryIsland

    BarryIsland New commenter

    It depends really what your intentions for retirement are. If you intend to go at 60, but don't get state pension till 67/68 you may decide the extra money you wish to "invest" needs to be more accessible in a lump sum to supplement your teacher pension in the interim, ie filling that 8 year gap. If this is the case consider an ISA until a sum is created then longer term investment.
     

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