To opt out of my teaching pension?

[Artfullydead]

Just that, really ... any thoughts?

We could really, really use the extra money tbh.

If you come from a short lived family all the more reason to keep it up! The generous death in service benefits, (which can be tax free) and payment of your pension to dependants is not often a feature of private pensions.

If you are having financial problems then can I make two suggestions,

Contact your Union and ask to be put in touch with a union financial advisor. They can offer independent advice AND tell you exactly what the options are re pensions.

If things are really dire then contact teachers benevolent fund, or whatever they call the selves now, and see if they can help.

You've complained that death in service isn't much and your dh would only get money for a year, and now you're complaining that he'd live the life of Riley if you died. Make your mind up.

But it wouldn't go to my kids would it ... it would go to dh

As said above say you pay £400 month into your pension this isn’t taxed so if you opt out of the scheme you won’t get the 400 in you hand it will be taxed etc. One of the best things is paying no tax on it.
When money has been tight for me I sit down and make a list of all my outgoings and see where there is any room for manoeuvre.
Also if you drop your hours it’s usually not as bad financially as what you think. You could work out how much you would take home by using an online calculator for take home pay. It might not be as bad as you think

Yeah already have thanks

You sound like you need to opt down ( pay half in what your paying now) for a year to see if that helps you financially and go from there.
You sound tired and stuck.
The advice your receiving isn't what you have asked for, and to think so far in the future when your trying to live life now and are struggling seems pointless.
Maybe you need to ask some teachers or HR, that way your get the proper process of opting out and how it will affect things.

You don't care about anyone's opinion so don't know why you asked! Also don't know why you'd object to your grieving other half getting some cash to support your grieving kids!

So your husband wouldn't look after your children? Seriously?

I wouldn’t OP. I work with a lady who stopped paying in to her pension years ago. Her mum died young so naturally she would too! Only she didn’t. She’s still here, alive and well. Had she continued to pay her pension she could have retired last year. Only she can’t because she can’t afford to.

My dd started work last year at 16. She works for a really good company. I advised her, definitely pay in to your pension. It’s never too soon.

Or maybe I'm playing devil's advocate greathat

Men pick up another woman about 2 weeks after their wife dies. I doubt he'd look after the kids. Nothing personal, just that most widowed men get remarried pretty promptly.

Look OP if you want to opt out then do so, but you may find yourself making a thread in the future moaning that you did so, and warning others not to.

However, if you stay in, then upon retirement I can't see you making a thread moaning that you stayed in the pension scheme.

Put it in your children's names then, I've done that.

If your opinion of your husband is so low, I think you've got bigger problems than worrying about your pension.

Don’t do it! I spent the whole of my 20s and 30s doing that. Took a career break to raise DD was ASD, now 47 no pension. Honestly don’t know where to start now.

I'd cut back on other things in order to drop to 4 days. The moneysavingexpert website has some great tips for cutting back.

Unless you have a hereditary illness I would rely on dying young (even if your mother did - ).

I have no idea what a teachers pension is like but if say you got 35,000 per year that is the equivalent of £1m pension pot. Imagine trying to save that 🤨

You don’t sound very joyful about your DH getting windowers pension!

I can understand wanting to reduce your hours but must be better ways than leaving yourself in poverty if you do need to retire one day... I guess at least as a teacher you get the lovely long holidays?

I don’t think you can reduce contributions for teachers pension. You could ring them I have in the past and they were helpful but I had to ring a couple of times to get through. I will be ringing at half term to find out what happens to my pension as I am leaving teaching. I do sympathise with your situation it’s a very hard job with children which is why I’m quitting. Hope you manage to sort out something

You haven't posted your income, outgoings, pension contributions or anything. Do you know these numbers? Do you know what your tax credits would be if you were PT? You CANNOT make a rational financial decision until you do - and leaving a DB pension would normally be very irrational.

If you opt out you'll be paying more in NI (I think...) so you probably won't save much at all.

But you need facts!

community.tes.com/threads/updated-take-home-pay-calculator.773907/

Use the spreadsheet to work out your take home pay.
Dropping to part time will drop your pension contributions too so the net effect might not be too great.
Where is the debt? Mortgage? Can you extend the term.
Credit cards? Transfer to 0%.
Do you change energy provider, house and car insurance every renewal?
Which supermarket do you use?
There may be other options to bridge the gap.
What subject do you teach?

But is your pension better than dh pension?

It's not my husband personally, it's any man

Titchy, there are notax credits

I'm not posting income and outgoings, depresses the living shit out of me

You should remember that you get tax relief on your contributions and your employer puts in more money than you (you will save them lots of money).

However the scheme is under severe threat as the employer contributions are rising by more than 40% from September. State schools are getting funding for the first year. It is quite likely that some independent schools will have to leave the scheme this year as they cannot find the extra money on such short notice. State schools may not be far behind as the Government has not promised any longer-term funding.

This change has been very low-key and seems at odds with the Government's supposed commitment to tempting more people into the profession.

Men pick up another woman about 2 weeks after their wife dies. I doubt he'd look after the kids.

Then you have much much bigger issues you sort out... (btw you can make your kids the beneficiaries. Not that you're listening to anyone here)

Tax credits - you said:
3 days would lose too much money, wouldn't be entitled to TCs

Death in service payment isn't much? Mine (top of payscale) is over £135k if I die in service. I wouldn't have that if I didn't have my pension.