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Pension help!

Discussion in 'Scotland - education news' started by Eloise22, May 24, 2019.

  1. Eloise22

    Eloise22 New commenter

    Just posting for help. I'm hitting 40 this year so maybe this is why I'm starting to worry about my pension...

    In truth, I have no idea when I can retire/what my pension will be etc, even when I look at the SPPA website. I have been teaching since 2003 and paying in to a pension since then but the old/new pension systems are confusing me. Anybody found an accurate way to work out their pension or is it more a case of waiting until nearer retirement age?

    Thank you in advance for any advice!
  2. bigjimmy2

    bigjimmy2 Established commenter

    Go on to the SPPA site again. They have a predictor option where you can type in dates and see what you get at particular ages.

    You can retire at any age from 55, obviously at reduced pension from normal retirement age, which will be about 85 for you . . .

    I've been looking at it in great detail in recent months!
    Eloise22 likes this.
  3. Marisha

    Marisha Occasional commenter

    Apparently, they always predict lower than the amount you actually get. That's certainly what happened to me.
    Eloise22 likes this.
  4. Eloise22

    Eloise22 New commenter

    Thanks big Jimmy, I'll have a look at the website for this. Might make for depressing reading though
    bigjimmy2 likes this.
  5. Eloise22

    Eloise22 New commenter

    Fingers crossed! Ive never worried about my pension much before now. It's definitely the approach of the dreaded 40 that's doing it...
    Marisha and bigjimmy2 like this.
  6. bigjimmy2

    bigjimmy2 Established commenter

    Yes, look. And look frequently.

    You don't want to be scrimping and saving for the last 20-30 years of your life so stick at least a small amount of your wages into a stocks and shares ISA each month. The stock market goes up and down but the trend is always upwards. Might sound complicated/sophisticated etc but it's basic financial advice and the sole reason why I will shortly be retiring early.
    Eloise22 and Marisha like this.
  7. kingsley2008

    kingsley2008 New commenter

    Hi Eloise,
    I’m in a similar situation and had the FEAR earlier in the year. I basically ended up booked an appointment to see my unions financial advisors (Wesleyan) and they came round and explained it to me with full projections based on current and old scheme. This service is free through your union. I was under no pressure to buy any additional services and I found his advice to be invaluable and very reassuring. He explained it very simply to me and I now understand the system! If you have an questions or want further detail feel free to DM me.
  8. Eloise22

    Eloise22 New commenter

    That's great, thank you. I wouldn't even have thought of doing this!
  9. bigjimmy2

    bigjimmy2 Established commenter

    Marisha, I PMed you a couple of days ago with a quick pension question . . . !
  10. Marisha

    Marisha Occasional commenter

    Help! What do I click on? My profile pic? (I'm auld!)

    I really *am* that thick - I can't find a button or link for private messages...Anyone care to direct me?
  11. Marisha

    Marisha Occasional commenter

    I cannae find it! :(
  12. catmother

    catmother Star commenter

    Click on your avatar on top right of the page and it is under conversations.
  13. bigjimmy2

    bigjimmy2 Established commenter

    Click on your userid/name at the top right if the page then select conversations . . .
    Marisha likes this.
  14. Marisha

    Marisha Occasional commenter

    Reply now sent.

    Thanks, Catmother and bigjimmy.
    bigjimmy2 likes this.

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