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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To opt out of my teaching pension?

281 replies

Artfullydead · 04/02/2019 18:32

Just that, really ... any thoughts?

We could really, really use the extra money tbh.

OP posts:
Coronapop · 04/02/2019 20:59

Check the age you can take your occupational ie teachers' pension, if you joined before 2007 it may be 60. The TES website has some information. Also bear in mind that if you stop paying in you will be taxed on the extra money. Given the benefits you would be unwise to stop paying in.

Pinkcottonshirt · 04/02/2019 21:00

You sound completely frazzled to me. Would you talk to your doctor?

Pinkcottonshirt · 04/02/2019 21:00

What age/subject do you teach?

Artfullydead · 04/02/2019 21:02

Secondary English. Could see the doctor but they can't help so no point tbh

OP posts:
Pinkcottonshirt · 04/02/2019 21:04

You sound defeated.

Artfullydead · 04/02/2019 21:04

Yeah :)

OP posts:
Pinkcottonshirt · 04/02/2019 21:05

So it’s strange that you post a smile with that.

Artfullydead · 04/02/2019 21:06

Just being polite but whatever Confused

OP posts:
Pinkcottonshirt · 04/02/2019 21:07

You don’t need to deny your feelings in order to be polite.

stopitandtidyupp · 04/02/2019 21:07

Op I opted out for a few years, regret it now.

I also could not handle teaching when young so only started a few years ago. I am the same age as you. I play with the calculators and it's depressing.

How come you don't see much of your kids? That's sad.

Artfullydead · 04/02/2019 21:09

In childcare 8-5/6, and they are only little so in bed then

OP posts:
TulipsInbloom1 · 04/02/2019 21:10

But most people work til then and have short time with dc during the week. It's just life as a working parent.

Artfullydead · 04/02/2019 21:11

OK

OP posts:
MyNameIsArthur · 04/02/2019 21:12

Don't do it if you can avoid it

Hereiamitsme · 04/02/2019 21:12

A doctor can help. Why would you think they couldn’t?
You sound very low. Not sure how you can be functioning as a teacher (and I don’t mean that to sound mean but I find teaching so difficult if I’m in a negative state of mind).
How about taking some time off for the sake of your mental health?

pootleposeyperkin · 04/02/2019 21:12

Put your pension in your children's names then your husband and his fictional new wife won't get it - you've already been told that.
Get to the doctor, no excuses, you obviously need help. Lots of us have been there and are trying to help you.

ChariotsofFish · 04/02/2019 21:13

Are you the person who posted last week who has been working with stepchange for years and hasn’t paid off any debt? You need to look at bankruptcy.

titchy · 04/02/2019 21:14

he remarried the money then would go to his new wife

Jesus how many time.... you can tell the trustees that you want it to go to your children.

But yeah whatever. You're not listening.

SwimmingJustKeepSwimming · 04/02/2019 21:18

Do many teachers really make it to 60?! My kids primary school staff is nearly all under 30.
I couldnt go back to full time and do incredibly part time now. I have wondered about buying the additional years but really added up ice only paid a few years in :(

Lota of people wont have pensions. We will hardly have any.

Dangerousplan · 04/02/2019 21:19

Get a statement and see what it actually is you'll be giving up.
It's not what it use to be. I'm pretty disappointed by what Ill get after 20 years of teaching, so far.

Have a plan b tho, what will you do if you do reach pensionable age and the money coming in is shit?

KickAssAngel · 04/02/2019 21:20

If you factor in how many holidays teachers get, then it's the equivalent of working 4 days a week for a full year (assuming 4 weeks holiday in an office job).

I know how full-on the terms are, (secondary English myself) but the holidays are truly a huge boost compared to any other job.

You sound like you don't know what you want - you start by saying that you want more cash to pay off debt, then mention cutting down to 4 days a week. But financially, the best investment is pension. Unless you know that you have a life-limiting illness, pension is what you should do.

Your kids see you as much as other kids see other working parents, AND have the holidays. You are making ends meet each month, rather than getting further into debt. Why would you want to jeopardize what sounds like a pretty stable situation? It's hard work, of course it is, but you are raising kids and building for a future. Unless the debt is so crippling that it is actually growing, the best financial decision is to keep paying into the pension.

If this is about something else - being too tired, missing your kids etc, then you need to ask a different question. But from what you've posted you'd be risking ameliorating your current financial pressure by actually making your life considerably worse in the future.

GummyGoddess · 04/02/2019 21:20

@Mumblers Call them tomorrow. I don't have a TP but I work in pensions and am a member of a DB scheme and if I opted out I would never be able to rejoin because the rules have changed. You need to know what the rules are to rejoin and the likelihood of the rules changing to either delay your rejoining or having you rejoin on less favourable terms. When you have that information you can make your decision.

Dangerousplan · 04/02/2019 21:21

Also all the young teachers I know are opting out. Who will be paying our pension? At the moment my contributions pay for the pension of those retired before me...

SluggishSnail · 04/02/2019 21:25

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)

How did you work that out?

It seems very high.

notdaddycool · 04/02/2019 21:26

You’d be an absolute fool