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Teachers pensions

Discussion in 'Personal' started by katherinelily, Jul 18, 2011.

  1. Hi
    Just hoping for a quick response.
    Is it possible to cash in the amount paid in thus far and then opt back into the scheme, starting again as it were?
    Or are you "in or out"
  2. Hi
    Just hoping for a quick response.
    Is it possible to cash in the amount paid in thus far and then opt back into the scheme, starting again as it were?
    Or are you "in or out"
  3. dande

    dande New commenter

    I suspect the answer is no.
    I also believe you would be somewhat mad to do so in any case (unless you know something about government plans that the rest of us do not).
    However, try pay and conditions or do a search for tesfaq
  4. dande

    dande New commenter

  5. Anonymous

    Anonymous New commenter

    If it was possible (and I've no idea whether it is or not) I don't think there would be a financial adviser in the land who'd say it was a good idea.
    I imagine you're quite young and that at the moment your pension feels irrelevant - it will be an entirely different story when you're in your 40s, 50s and 60s and you realise that what you've accrued is what you have to live on for 20-30 years.
  6. dande

    dande New commenter

    Seems like you can but only in the first two years from joining.
  7. Anonymous

    Anonymous New commenter

    ...and at serious detriment to yourself.
  8. voodoo child

    voodoo child New commenter

    Don't do it. There is no way you can equal what the LA and you are putting in and get out from the pension scheme. There are lots of sad tales of people who did do this when it was possible to do this and how they ended up with very little. The teachers pension scheme even now is one of the best you can get
  9. Thank you (for the young comment as well as the advice - I am 31 in September.)
    I'm not actually looking to do this myself, but a young friend of mine is and I was asking on her behalf: she has been teaching less than two years and lost her post due to redundancy and is therefore struggling.
  10. Anonymous

    Anonymous New commenter

    You're younger than my son. [​IMG]
    I don't think it would be wise.

  11. Mangleworzle

    Mangleworzle Star commenter

    Many years ago as a Research Assistant at a University I had 3 years worth of payments into the pension scheme. I found out I could get my contributions back, about £1000 and so I did.
    It seems that if I had left them where they were I could have transferred them to the teachers scheme later on. To buy those 3 years worth of contributions would now cost me in the region of £20,000. I had no idea about gross payments at the time and the employers contributions and just dribbled the money away. Young people seem to always feel that they are struggling for money.
    Probably the worst financial decision I ever made.
  12. moonpenny

    moonpenny Occasional commenter

    Ekk...I drew 2 years out of the NHS when I was about 22. Still don't regret it though as no doubt I needed the money at the time (Can't remember why now)
    I've been paying a teaching pension for about 20 years but still can't get that worried. (20 years to go)
  13. MayKasahara

    MayKasahara New commenter

    I believe you can only withdraw what you've put in so far if you have less than two years worth of contributions in total (they give you the ammount you contributed plus interest). I'm looking at doing this only beacuse I can't get a teaching job.
  14. Crowbob

    Crowbob Established commenter

    But they will take off tax and NI (increased). You will not get back a significant amount (unfortunately).

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