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Do any part timers/supply/potential quitters worry about their pension?

(29 Posts)
Appuskidu Tue 14-Nov-17 19:34:50

Despite teaching for 20 years, I have worked part time for most of them and had time out for babies, so my pension will be proper crap. Especially as I can’t see me going back full time without having a compete breakdown sad

What will do I do at 65 with no pension!!?

NovemberWitch Tue 14-Nov-17 20:57:21

You’ll just have to keep going with supply past 65. Unless you are in a position to pay AVC or other top-ups. It’s the same position OH now finds himself in, he chose to do what he loved and didn’t plan ahead. So, no pension, no retirement.

CappuccinoCake Tue 14-Nov-17 21:00:53

Schools are not going to employing vast amounts of 65+ year olds. Honestly . Nearly all the staff are under 30 now at local primary and the slt not vastly older.

I didn't worry about it when I left teaching as I'd hoped I'd find a different profession. As I'm looking at applying for basic grade jobs I'm very aware my pension provision is pretty useless sad I keep thinking I need tok retrain or do something I can still manage in my 60s but what?!

DrMadelineMaxwell Tue 14-Nov-17 21:07:31

I've been part time for about 15 years with time out too. I do feel concerned. I think myself lucky that as a naive nqt I happily signed up for AVCs when a rep visited school so I have paid in a little more for those years to make up for it a little.

It's easy to sign up and log in to the teachers pension scheme so you can see just how many years contributions you have clocked up and what you will be entitled to.

ourkidmolly Tue 14-Nov-17 21:22:22

Have you actually checked on the TP website and received a concrete prediction? Then you can see how you can improve it by buying AVCs or additional pension. It may not be as bad as you think.

NovemberWitch Tue 14-Nov-17 21:26:43

I’m in my late 50s, supply is very flexible and I get a lot of work. Schools aren’t bothered about your age, just your level of competence.

qumquat Tue 14-Nov-17 21:27:34

I've only been part time a couple of years but already panicking, especially as now a single mum. What are AVCs?

Also is it true weekends and holidays are counted if you're full time but not part? My pension online says I've missed 212 days in the last two years and I'm told this is why?!?

NovemberWitch Tue 14-Nov-17 21:33:51

Additional Voluntary Contributions. Log on to the TP site, it’s very clearly explained, and you can see how much your pension and lump sum are, with predictions.

Appuskidu Tue 14-Nov-17 22:02:35

Do you buy AVCs through the teacher pension website?

I’m sure I signed up for AVCs for a few years back when I was an NQT but am not sure of the details now-would they be lost in the ether?? I think it was through Prudential?!

CappuccinoCake Tue 14-Nov-17 22:06:20

I thought you couildnt buy AVCs if not currently teaching?

NovemberWitch Tue 14-Nov-17 22:10:56

Prudential ran the scheme, I don’t know what the current situation is as I stopped being ft and went on supply after 30+ years. You don’t buy AVCs through the website, it was through the Pru. Seriously, the website is your best and most up-to-date source of information.

ourkidmolly Tue 14-Nov-17 22:13:34

No you’re not disadvantaged if you’re part time with regards to holidays and weekends. That would be illegal. It’s pro rated. So if you work 3 days a week say over a 5 year period, that will count as 3 years service rather than 5 years service. Accumulating years of service is important. Even dropping one day makes a big difference so doing a 4 day week for 20 years means you’ve only acquired 16 years of service. It’s what you can handle though isn’t it? Full time teaching for 40 years? Who can do that?

NinahH Tue 14-Nov-17 22:13:43

I left because if I hadn't I wouldn't have lasted to draw my pension!

DrMadelineMaxwell Fri 17-Nov-17 23:55:43

My AVCs are through Prudential. I didn't know if anywhere else did them as, perhaps naively, once they were set up 20 years ago I then just forgot about them and let them accrue. They don't look very impressive, what with the part time years, the 2 MAT leaves and the low percentage I set them at when that was all I could afford. But I'm glad I did as they do buffer the loss of contributions from those years out/PT.

DrMadelineMaxwell Fri 17-Nov-17 23:57:31

If you signed up for AVCs they will show up on your payslip as a contribution along with the normal tax, teacher pension, Ni.

It is also possible to log on to the avc website with your teacher's number and your NI number to check on what that has amounted to so far, just like your teacher pension.

thepatchworkcat Sat 18-Nov-17 00:03:44

Yikes I wasn’t worried but now I am... confess I’ve not given much thought to my pension so far...

thepatchworkcat Sat 18-Nov-17 00:04:11

Never heard anything about signing up for AVCs confused

NovemberWitch Sat 18-Nov-17 06:15:46

Have you ever signed into the Pensions website? Most schools I’ve taught at have had an attendance voluntary talk on pensions by a person from the Pru. If you don’t think about it in your 20s, you are facing significant financial issues later. Unless you have other income to rely on.

tinypop4 Sat 18-Nov-17 06:52:30

I am a bit. I worked in state education for 5.5 years, 3.5 of which were part time (0.8). I then took 2 years out when both dc were little and now I'm back in teaching its 0.6 in a private school which doesn't pay into TP but has another scheme.
So I think I'm a bit fucked really, I really like my job so will stick with it but disappointed it's not going into TP

Cactusjelly00 Sat 18-Nov-17 06:57:36

State pension and benefit top ups is what happens in this case I presume?
Can you save into a private pension or bank account? Save every £1 you have spare.
Presuming you have 10yrs left in work,
Even £20 a week will give you a hefty boost (approx 10k)
£50 a week and you've got approx 24-25k boost. Obviously I don't know your financial situation but in your shoes I'd be quite concerned and looking to save every spare £.

KarmaNoMore Sat 18-Nov-17 07:00:40

I have been worrying about my pension for years as I have not accrued any reasonable pension pot after a few years at home when DS was little and the string of part time or badly paid jobs I have had since.

I will work as far as I'm allowed to as I will go into poverty the moment I retire. I don't plan to hang around for long after retirement.

CappuccinoCake Sat 18-Nov-17 07:45:38

I suspect we will keep working basic jobs then state pension. It's a bit grim!

And so different compared to my parents !

NotMyMonkees Sat 18-Nov-17 07:51:51

Is it really that bad? I'm in a similar position but just assumed that by retirement age I'll have paid off the mortgage, have state pension and whatever I've accrued in occupational pension to see me through. Kids will be grown up so they won't cost the earth. Isn't state pension plus a bit of a top up enough to get by?

Summergarden Sat 18-Nov-17 07:54:10

Similar situation here. I’ve left teaching now and am a SAHM and am just salting away as much money as possible into a Stocks and shares ISA. I do tutoring a few hours a week and DH earns quite well.

The plan is to build up a nice lump sum in the ISA and live on the interest to supplement my meagre pension.

FritataPatate Sat 18-Nov-17 07:55:53

OP, are you currently working, albeit pt? If so you can buy extra pension through the TP website. It gets taken from your salary at source, so you don't miss it. It's a much better return on your money than a savings account these days. I worked FT for 10 years, was a SAHM for 9 and I've been working 0.6 for 17 years. For the last 10 years or so I've been paying for extra.

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