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Pensions...

Discussion in 'Scotland - education news' started by Freddie92, Sep 3, 2015.

  1. Freddie92

    Freddie92 Occasional commenter

    Looks like the vast majority of us will be working until we are 67 or maybe even 68. This after I was told that I could retire at 60 (I had the letter with the date etc). The new scheme seems to have evolved even more than before as at first we were told that if you were in before 2007 you would be okay, but now our union have told us (a few months late I might add) about full protection and tapered schemes or whatever.

    I think it is about time we lobbied our unions so we can still retire earlier, even if we have to pay more in, like the Police.

    Teaching is a young person's game and I doubt I could physically or mentally keep going until 67 or 68. And I do not wish to die in the job, after all, life is worth living.

    I think I will have to consider my future as I have no appetite to work on past my 60th birthday. Perhaps going part-time is one way of solving this issue, but even so, I think people should be able to expect a decent go at a happy retirement, or else what is the point?

    Our job is such a unique case, it is not the same as an office job etc. But I know I am preaching to the converted on here.

    If I quit at 60 I'd hardly get any pension and would have to wait SEVEN years for the rest!
     
  2. Liviboy

    Liviboy Occasional commenter

    Freddie,

    You can buy out your early retirement reduction to the age of 65 on the new pension by paying in extra but not to 60.

    Details: 2015.sppa.gov.uk/.../teachers-buy-out--table54.pdf

    2015.sppa.gov.uk/.../teachers-early-retirement-buy-out-factsheet16.pdf

    2015.sppa.gov.uk/.../teachers-early-retirement-buy-out-quote-form19.pdf

    It's not much good but it will give you everything 2 years earlier.

    If you don't choose to take it then you can still retire at 60 and claim your old pension benefits in full but your 2015 onwards benefits are reduced by 3% a year.
     
  3. bigjimmy2

    bigjimmy2 Lead commenter

    1) Pensions are boring.

    2) Pensions are important.

    Teaching beyond your 60s is unthinkable.

    Those of us far away from pensionable age need to be doing something about it now while there is still time.

    I have been teaching for 15 years and the amount I would get at 60 is a pittance. Extrapolate that to the full 40 years and it still isn't a lot: you would need to work or have some other income to survive.
     
  4. catmother

    catmother Star commenter



    I don't think that this is new,Freddie. How much of your old conditions would be protected (ie,left as they were) was very much dependant on the age you were on the 1st of April 2012.
     
  5. Roballs

    Roballs New commenter

    It sounds like we are similar in that I have completed around 15 years of service. When I looked at the calculations for the new scheme and compared it to the old, I found my pension was going to be in the same ball park (£~15k). This was due to the higher rate of accrual cancelling out the actuarial reductions (4.5% per year). The big difference was in the lump sum.

    My calculations could of course be way off the mark. :)
     
  6. Potatoes005

    Potatoes005 Occasional commenter

    Ok, so I retired with a Headie's pension, which everyone will imagine was a good deal. It was.

    BUT more importantly, I went at 58.

    I am 65 now and I absolutely could not still be working. It would crush my soul for starters, but there's no way I could be working. I could have maybe went to 60, but times were changing, school was due to be rebuilt, CFE's ugly head was stampeding toward me at a great rate and it was the right time for me, and the school, to retire and run like ____ out the door.

    Teachers shouldn't be teaching past 60.

    Never mind 67.

    I'd still have another two years to work then!

    I'm also of what is a rare breed that I recently managed to take my state pension at the mere age of 65. My children who are aged 27, 35 and 38 will be working past 70 to get theirs at this rate!
     

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