To opt out of my teaching pension?

[Artfullydead]

Just that, really ... any thoughts?

We could really, really use the extra money tbh.

I think it's me who isn't being listened to, actually.

So is the TPs being phased out?

Having a public sector pension is an enormous privilege but becoming less generous as the years go by. If you opt out now, there’s no guarantee you’d be allowed to rejoin. You’ll pay more NI and tax if you opt out and you won’t find a private pension anywhere like as good.

You read as though you have already made up your mind, but I urge you to reconsider. My husband has just retired from the police aged 53, for the last few years he was contributing 14 per cent of his salary, but we both considered it money well spent.

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

Then no one can help you can they?

I’m 55, and been teaching since about 32.
Don’t do it.

I’m desperate to retire, being a teacher is just so physically and mentally exhausting. It’s easy to postpone it now, but when you reach my age, you will be just desperate to go,

I'm a bit confused. If things are so tight that you're considering pulling out of the teachers pension then why on Earth would you then drop days?! You'll be paying no more than 10% unless you're SMT; that's a lot less than dropping your salary by 0.2!

I didn't want help with that titchy

Things are very tight margots but also quite honestly I am on the verge of a total breakdown.

Don't do it. As shit as the TP is related to what it was, it's by comparison gold-plated when compared to other pensions.

I'm a teacher and fortunate to have got my pension at 60, though not full years as I've move to Australia.

Never ever jack in a public sector pension.

I was a single parent of two children throughout my years of teaching. It was very very tempting to opt out of the pension - retirement seemed so far away and I was so skint - but I can’t say how glad I am that I didn’t do so. I was a late entrant to teaching so the pension isn’t in itself enough to live on but I am able to work part time in another sector and most importantly have time to spend with grandchildren. Without the TP I’d have to still work full time to make ends meet, I’d be exhausted and unhappy at missing out on family life. The current TP while unfortunately not as good as it was is still a very good deal. Stick with it is my advice.

Apart from anything else ,and hoping you do live to a ripe old age, a lot can happen in life. You could end up divorced and depending on your own wage and later pension. Mines not great as I only have a bit of DB and a DC pot, but I’ve always prioritised it. The way this country is going we’ll be lucky to have a state pension by the time you and I come to retire. And even if we do, the basic state pension provides only an existence, not a life really.

This doesn’t sound like what you want to hear as you sound quite fragile mentally at the moment , but as women looking to support you, we would be doing you a great disservice if we agreed with your proposal. But at the end of the day it’s down to you. I hope things get better soon.

Another thought. Teachers don't get many perks (a raspberry to the first person who mentions short hours and holidays) . No private health care, annual bonuses, TOIL, free or subsidised lunches, subsidised travel, clothing allowances etc etc There was a thread about job perks the other week, and it was eye opening.

So why would you want to forgo the only decent perk teachers do have access too which is a half way decent pension which is SAFE? Remember all those people , eg Mirror workers, BHS staff and the rest who have discovered that their pensions have been ransacked.

Don't do it.

Your employer will be paying in more than you, it's paid on your pre tax salary too so stopping your payments wont add as much to your pay packet as you think

You will not be 69 when you get it. it will probably be paid out at age 60 (check your scheme rules) so you should be able to retire then and then get your state pension added at 67/8 or whatever the state pension age will be by then.

You may be able to take a reduced early pension at age 55 and if you are in ill health, it will most likely also pay a pension should you be unable to work. It probably also includes your life cover.

It will include a spouses pension too if anything happens to you.

YABU. It sounds like you already have made up your mind. I considered opting out because it’s tempting. I don’t know if you have a genetic condition which would mean you are likely to die early or you’re just assuming based on history. If it’s the latter, I think you’d be foolish. If you are likely - in medical terms - to die prematurely, I’d see your side more.

You can draw whatever TP has built up until 2016 from the age of 60. It's still final salary based I believe.
Anything built up after that you can't take until 67 and is career average based instead.

Get on the TPS login page and you can see exactly what you've built up and what it's worth.

I haven't made my mind up. If everyone had said 'yes opt out' I would 'yes but' as well.

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.

Blimey you really have a high opinion of your husband don’t you?

Third time, nothing to do with him personally, it's just men, it's what they do.

I did it when I was on mat leave which was stupid but I. Didn't get the full amount they took out anyway. On my payslip it shows they took approx 300 but I only had a much lower amount due to tax etc. I'm back in nown

It really isn't. It may be what a tiny percentage do. The vast majority don't.

I think if you can't BOTH sit-down and worked out your ongoings and out and try to sort the debt then dropping your pension will make little difference.Its hard but you need to do it.
You do say how old your children are so it's hard for us to see to see how long child care will be an issue.
But you sounds stressed,all that about your husband getting money not the children(if you're struggling now he will need money if you are not around to support them.
First though I think you need to see your Doctor as your stress seems so extreme 9n paper.Sort that out before making decisions and I wish you luck.

Ok, opting out for pension isn't going to help you as much as you think. You would have 400 a month extra pay, but that would be subject to tax and ni, so you'd probably only see 200 of it maybe not even that much.
Also remember if you go part time, the amount you pay into pension will drop too.
What posters above are saying is true, the tps scheme is literally one of the best out there for what you get compared to what you put in. And that's across the whole of the UK all sectors etc.
If I'm honest, you sound like you're under a lot of stress at the moment and could do with a break, not a pension opt out. Be kind to yourself x

If your not coping with your debt then seek debt advise, rather than not supporting your future

Third time, nothing to do with him personally, it's just men, it's what they do

No, it really isn’t! Your outlook is frankly bizarre.

it's just men, it's what they do.
You can’t make sweeping statements like that. And yes opting out is stupid.

Whatever your problems may be, they are not your awesome pension