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pension opt in after retirement

Discussion in 'Retirement' started by Mrs Hiughes, Nov 30, 2015.

  1. Mrs Hiughes

    Mrs Hiughes New commenter

    I I have just retired age 60 and am taking my pension but I have after a one day break in service returned to work part time 3 days on pt6. Just wondering if I should pay in to teacher's pensions again or not. What are the pros and cons? I will prob work 2 or 3 years more on part time if possible
  2. TheoGriff

    TheoGriff Star commenter


    The Teachers Pension scheme is generally considered one of the very best around. Not quite up to the standard of MPs, but pretty good.

    The best advice that I can give you, however, is not to take financial advice from me or anyone else on this forum.


    We are not experts and should not be trusted.

    Best wishes

  3. Guest

    Guest Guest

    Absolutely best idea to opt-in. You will still have to pay a percentage in of course but I believe your employer pays in 14% too. Who in their right mind would turn down what is effect free money!. After 3 years you will have another useful supplement to your current pension.
  4. Mrs Hiughes

    Mrs Hiughes New commenter

    from what I can gather it would cost me about £ 136 per month if I opt in. The advantages could be death in service payment for my family ( but I hope not!) and pay less tax than if I opted out. Not sure what this would be worth as a "new" pension 3 years down the line however....might not be worth it? I am 60 now, so presumably I could pull it at any time? Or would I have to wait until I was 68 under the new pension scheme?
  5. gregometer

    gregometer Occasional commenter

    You should speak to them and ask them what would happen if your pension was only worth e.g. under hundred a month. With private pensions, you can take the whole pension pot as a lump sum if it is under a certain amount. Might this apply to the TPS? You need to phone them up, explain your situation, and ask the question.

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