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Retirement advice for the nearly 50

Discussion in 'Retirement' started by ferretmasta, Dec 7, 2018.

  1. Brianthedog

    Brianthedog Occasional commenter

    Once you stop paying into your pension, you do not receive the death benefits, i.e. Death benefit grant. I asked TP online and they confirmed this. They didn't confirm about the pension being paid to my husband though! That's another phone call to TP tomorrow.
  2. Sundaytrekker

    Sundaytrekker Star commenter

    I’ve just looked on TPS website and it’s not clear if there is anything. Surely it’s not all lost if you die before claiming? Yes, do ask and let us know.
  3. catmother

    catmother Star commenter

    Indeed. It's not clear at all.
  4. catmother

    catmother Star commenter

    Yes,that makes sense that if you are not "in service",your partner doesn't get the death in service benefit. However,I;m worried about the half pension now.
  5. TheUmpire

    TheUmpire New commenter

    Pre-retirement teachers looking for advice on their pension scheme should always ensure that they speak to someone approved by their teaching union or Teachers Pensions. The Daily Mail reported recently that an unapproved financial advisor who dealt with teachers looking to invest their savings as they neared retirement was jailed for fraud. One case involved a teacher who wanted to invest her lump sum following 43 years in the profession. She made payments of £628,000 to what she thought was a legitimate bank account – but it was a bogus account. You can't be too careful.
    Startedin82 likes this.
  6. heldon

    heldon Occasional commenter

    That's some lump sum. Always do your homework.
    catmother and Startedin82 like this.
  7. Sundaytrekker

    Sundaytrekker Star commenter

    I can only assume she had been persuaded to cash in her whole pension, taking it out of the defined benefit scheme, then handed over the money. Never a good idea on either count.
  8. binaryhex

    binaryhex Lead commenter

    "Investment", "financial advice" and anything else is not a black art. It's common sense. Relying on someone else called an 'Expert' to make your common sense decisions for you is asking for trouble. It's no more difficult than operating a Piggy Bank or running a household budget.

    1) Pay off all debts and loans first.
    2) Pay off the mortgage.
    3) Do a budget from now until e.g. age 80, and work out year by year how much you have got coming in, and estimate how much you are likely to spend on bills, car, insurances etc. Then add whatever amount you want for the extras in life.
    4) Put your excess money in a range of things: Savings accounts, bonds (fixed term saving accounts), Premium Bonds, perhaps some shares etc. Personally, I would avoid shares when you retire. The last thing you want is a crash wiping out half of your savings overnight. Just go for variety and keep track of interest rates.
    5) Make sure you have a stash for quick access in case of emergency.
    6) Spend time looking at all outgoings regularly as well as interest rates on savings to see where you can cut back. Utilities, insurances etc will delight in fleecing you if you do not check your charges and premiums before they are due each year.

    It's that simple. It's not hard. If you can post on here, you can use the Internet so getting the best deal for your money is easy. Trust no one, especially "Experts" and "Financial Advisors".
    Prim, Gainingcontrol and TheUmpire like this.
  9. catmother

    catmother Star commenter

    I don't think you can "cash in your teaching pension" as such?
  10. Sundaytrekker

    Sundaytrekker Star commenter

    I’m not sure of the correct terminology but there are ways to receive a very large lump sum and come out of TPS completely with no pension. This is usually considered a very bad idea. You have to have financial advice and presumably this person found a fraudster acting on this.

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