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part-time teacher over 60: should I opt out of pension scheme?

(5 Posts)
FrancesA123 Sun 19-Mar-17 18:06:00

Hi,
I'm 62 and have been paying into the Teachers' Pension scheme for about 15 years. As I'm over 60, I can claim what's owing now, or can keep paying in and wait a few years. I'll never receive much from this pension, as I haven't been paying in long enough but I'm not sure whether to hold on and keep paying, or opt out and take the lump sum now.

I have asked the Pension Scheme for advice on this but they say they are unable to offer advice.

Any thoughts?

smu06set Sun 19-Mar-17 18:08:14

TPS is one of the best pension schemes out there - keep paying as long as you can. 15years of paying in will get you a very good return if you wait until normal retirement age.

YellowPrimula Sun 19-Mar-17 18:10:20

The TPS is a really good scheme despite what the unions tell you.Rember that your employer puts in more than double what you do , so if you are contributing 7% ( can't rmember the exact % and it depends on your earnings ) they are putting in 16.1 % of your salary.If you are over 60 then you are in the protected scheme , you can find out what you would get on the TPS website go to the calculator section

JoJoSM2 Sun 19-Mar-17 21:41:45

If you are still working than carry on paying in. That say you'll have la lot more when you actually retire.

FrancesA123 Sun 19-Mar-17 23:08:50

Thanks everyone, I hugely appreciate your input on this.

FrancesA

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