To opt out of my teaching pension?

[Artfullydead]

Just that, really ... any thoughts?

We could really, really use the extra money tbh.

OP are you ok? Can you paint a fuller picture of what’s going on for you to feel like you’re about to have a breakdown? Why do you feel things are going to be financially tough for the next 10 years? For most of us, the pre-school years are by far the most difficult in terms of childcare costs, and it becomes a lot cheaper when they go to school. Especially as your holidays will largely coincide.

The TPS is one of the best pensions there is, and you should not opt out lightly. But only you can weigh up the pros and cons and how desperately you need the money now.

It really is, have a google. Men statistically remarry very quickly after their wife dies. But anyway it does not matter.

Laurie I’m not sure about this At your age with 16 years service you can leave at 55 and take a 75,000 lump sum and have 18,000 a year to live on (roughly)
I’ve been teaching for 30 years and will be 55 in October. Most of my pension is on the better final salary scheme. If I take it at 55 I won’t get that much. My full lump sum and pension will be about that, but not at 55, with actuarial reduction.

OP I really don't think you're in the right frame of mind to make a decision that will have such far reaching consequences. Really, your MH sounds all over the place, as does your marriage, which may be contributing of course.

Ok so now I'm getting worried.
I opted out of my teachers pension a few years ago....similar reasons...couldn't justify paying £250 a month...family history means I probably won't make it to 65.

I thought I could just 'opt back in' in the future?? As in carry on where I left off?

Where are you finding your how quickly a man remarries vs how quickly a woman remarries statistics? I can’t find any.

Nobody in the teachers’ pension should ever opt out. I’ve been a single parent on it, I know it can be tough. It’s my priority. I would never give it up, it’s worth too much.

Don’t understand the link between your pension and men remarrying. And anyway , as long as your kids are looked after, wouldn’t anyone want their partner to move in, it’s not like you are around to see it ! I hope my husband would be happy with someone else, that said, I’ve made appropriate provision for DS separately as well.

When I say in it, I mean in the scheme, having to pay. It’s lower than anything with even vaguely comparable payouts.

I opted out of my teachers pension. Cashed it in. Got 2000 Irish pounds. Thought l would never teach again as had small dc. Went back to teaching bought back those years and it cost me 11000. Now l am buying back those years l was out . 300 extra a month. It was absolute madness cashing it in. I would give anything now to have kept going. I thought then l would never get old. But now l have 2 years to go to retirement and l will be so happy to have that pension. And lump sum.

I wouldn't opt out op I think you will regret it.
You might miss out with time with your children now, but you will hopefully be able to retire early and be around to see the grandchildren if you keep paying into your pension.
You can also change the beneficiaries of your possible early death to your children, not your husband, so do that too.

I think you have bigger issues with your marriage than opting out.

I'm so sorry you're having such a tough go. It's rotten when you go through times like this.

If there's any way you can keep your pension I would - purely based on my mum's experience. She taught for decades and had to retire out of the profession due to stress/ill health. She re-trained in her 50s but was so happy she'd kept her pension (despite family advising her to give it up when times were tough) as it meant she could fully retire and be comfortable rather than having to keep working when past retirement to make ends meet. Has also meant she gets to spend lots of time with grandkids.

Tbh though - it's your decision. It does sound a bit like you're maybe not in the right frame of mind to make this decision at the moment though?

Really hope things start to seem brighter.

Marriage is fine but it's stupid not to pretend that if I died I wouldn't be replaced within six months.

Your marriage doesn't sound fine neither do you have a high opinion of your husband.

Don't hang round then pies

OP, if you are frazzled & struggling to cope, AIBU is about the worst place to ask.

Marriage is fine but it's stupid not to pretend that if I died I wouldn't be replaced within six months.

And your kids? He'd replace them too? The death in service could go to them. As several here have said. But you're fixated on your errant husband and using that as justification for making a probably stupid financial decision that will affect you and your kids far more than him.

S'fine, I can take it :)

titchy if he remarried the money then would go to his new wife, as you know ... that's how it works. Anyway, I dunno that I like discussing my death like this, even if only hypothetically

Do not listen to everyone on here. Temember you will not get your pension at 55 or 60 as you are too young. I have done 22 years pensionable service and my pension at 60 is £9500 up to 12500 at 67. I will get 29000 lump sum at 60 and a similar amount at 67. I have taught for 30 years but had to opt out when I went part time for 9 years

Really bbck, barely seems worth it.

You're the one who keeps bringing it up