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Pension Contributions once left teaching?

Discussion in 'Workplace dilemmas' started by UpperPayShelf, Aug 12, 2019.

  1. UpperPayShelf

    UpperPayShelf New commenter

    Just wondering - If I do get out of teaching for good... would I be able to make any further contributions to my teacher pension?
    Any advice appreciated...

  2. HolyMahogany

    HolyMahogany Occasional commenter

    You need to contact teachers pensions for this one. One piece of advice, based on my own experience, about contacting TPA is word your questions very carefully. TPA will only answer the specifics of the question asked, by which I mean that they will not try to interpret the meaning of an open question, and don't appear to like what if? type questions.
    I suspect that you probably won't be able to continue paying in. You could ask about buying extra days / years?
    I looked into this option a while back when I was considering buying some time lost due to a paternity leave, only 5 days. The problem was that I would not have got the employers contribution and the amount was a lot more than I had expected.
    If you are planning to leave teaching and the scheme permanently, it may be worth getting some independent financial advice, worth talking to your union about this.
    sabrinakat likes this.
  3. diddydave

    diddydave Occasional commenter

    HolyMahogany likes this.
  4. mothorchid

    mothorchid Star commenter

    No. But unless you go self employed, which is obviously very different, there is now an obligation on most employers to provide a workplace pension, so you can always start another one. Proper financial advice is needed.
    I left teaching at 51, after pretty much 30 years, and am now self employed. I don't have a current pension scheme, but I have stashed my Teachers' pension and my AVC pension for "later", although at 56, I could now access some or all of it (reduced, obviously) We manage.
    HolyMahogany likes this.
  5. HolyMahogany

    HolyMahogany Occasional commenter

    If you leave and than went back after a few years, it would be worth checking how this effects the 'best 3 years in the last 10' part of your pension.
    I benefited a lot from this having been a HOD of a large department some time ago. This money is what made my early retirement possible and had I continued working another 3 years I would have lost this extra money.
    Again, getting specific advice on this was very difficult. As I said TPA don't appear to like what if? questions.
    Mrsmumbles and diddydave like this.
  6. shevington

    shevington Occasional commenter

    Assuming you are in a Union, you can check their main web site. Each Union has a connection with a insurance Company ,who will give advice . Thus NASUWT is with Wesleyan.

    We can information about pensions on this site but not advice.
    HolyMahogany likes this.
  7. UpperPayShelf

    UpperPayShelf New commenter

    Thank you for the info. I can see it will take some working out. I don't think the teacher pension is enough of a pull to keep me in the profession..... the WRS would finish me off before getting a penny at this rate.
    drek and Mrsmumbles like this.
  8. Piranha

    Piranha Star commenter

    I think the answer is pretty clearly "no". The TPS is a generous scheme by current standards, so paying money in before leaving teaching might be a good idea. But, as has been said by others, it is best to get specialist advice if you are unsure.
  9. Mrsmumbles

    Mrsmumbles Star commenter

    My advice is get a new job outside of teaching and then rejoin, if you really want to, after five years. Then the final salary link is broken, so your bigger pot , from higher final salary contributions, should be ok. Most of us with over 15 years of service accrued before 2015, when they changed it all, is better off leaving it five years before rejoining. If you ever do! With conditions being as they are. It is better as if you did have a better salary in the pre- austerity years or had UPS, that average of your best three years is better hanging onto than linking final salary with the meh meh meh career average system, now set up t9 take teachers through to retirement. If I ever return, i want as much in pot one as possible, thanks very much. They can average it down on subsequent earnings in the new scheme, but not if there is a five year break for transitional members like good old ‘Dianne’ on their illustration pages. For many teachers who need out or were forced out of previously well paid jobs, the five year break makes sense. Now...what did Damien say was the root cause of all those experienced staff shortages again?
  10. Mrsmumbles

    Mrsmumbles Star commenter

    Also, I don't think supply pays into TPS, so if the masochism continues and people want to stay teaching, they can still contribute to state pension as supplies until 2020 at the earliest. A lot of ex teachers I know are now earning double compared to what they were on at UPS, so may as well protect the final salary pot and not touch what is in there until you reach 60. The trick is stay out of the scheme for five years, five full years, unless you want to d9 a short mat leave stint to pay a wadge into the CA section of your pension, aware that it does not accrue at the same rate and you cannot get anywhere near it u til you reach 67. I am content to do teaching* related work and retain my health and wait a few more years. Sadly, I suspect that they will undoubtedly not want me then anyway as I will be old! But you never know, I might be lucky with a nice school.
    Oh lovely ageist England, that has such. unfairness in it...
  11. Rott Weiler

    Rott Weiler Star commenter Forum guide

    I thought supply paid into TPS if you are employed directly by the school/LA/academy trust but not if employed via an agency or umbrella company?
    border_walker likes this.
  12. Mrsmumbles

    Mrsmumbles Star commenter

    Ah, I thought it didn’t. It could well be that my friends who survived supply had the misfortune of working with the umbrella brigade. Still not sure if getting TPS payments is enough of a pull to do supply. Maternity one year contracts, yes, supply...hmmm....
  13. Sundaytrekker

    Sundaytrekker Star commenter

    My supply hours are paid through the LA with TPS reductions made. It’s more expensive for schools so most use agencies too.
  14. jubilee

    jubilee Star commenter

    I spent most of my career in supply and I prioritised L.A. Supply because of the pension. If working day to day supply, where a quarter of the pay is holiday pay, you get one year in the TPS for each 195 days of work.

    I am not sure that Mrsmumbles take on having a 5 year ago from teaching, to get a better pension cakcukation, is correct. Verify with TPS or Union please before making decisions.

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