to opt out of teaching pension?

[ImanIDIOTO]

6.5% of my earnings
£190 a month

I can’t afford this - is it a terrible idea to opt out?
State pension kicks in right?
So confused

please don't opt out no matter how hard especially a job like teaching which is probably more difficult the older you get .

Don't do it.

Don't do it . Really really don't . No , it's not as good as it was , but trust me you will regret it if you do . You might be saving £190 a month , but you'll also lose your employers contribution to your pension which is much more . In later years it will cost you much much more than you will have saved .

If you absolutely can't afford it then opt out briefly , but get back in as soon as you can

Stay in.

Whilst you’re paying in 6.5%, (which is odd as the lowest rate is currently 7.4%) your employer is also paying in 23.6%
Your contribution is taken off before tax, so you wont actually get £190 a month back as your tax will increase; it’ll be more like £152. You will be better off by £1824 a year.
Opting out will mean that your death in service benefits will cease, currently its 3x your annual salary plus a dependents pension. Not to be sniffed at!
Opting out can also impact on how your pension is calculated. Are you in the final salary, career average or combined scheme?
Finally, how much do you think you need to live on in retirement? I don't get a full pension as I didn't start teaching until I was 30, but I worked full time for 28 years before retiring and my highest salary was around £42k. My pension is just over £12k a year and I will continue working part time up to getting my State Pension when I’m 66.
My advice - think about the future, not just the here and now. A Teacher’s pension is still one of the best pensions you can have.

I voted YABU but I do understand how it could be impossible to make it work. Could you get some extra money Marking exam papers over the summer or tutoring? I would try everything before opting out as I think you will regret it a few years down the line.

I really really wouldn’t if you can possibly help it. You’ll need that pension and the value will be so much more than you put in.

Just think of it as money you never had

Adding to those saying don't do it. Apart from the thousands you'll be worse off in retirement if you opt out now, you will lose your death in service benefit. If you die before retirement your spouse and dependents receive a pension from the pension scheme, which increases with inflation each year.

Do not do it! You’re opting out of a lot of free money! You put in 190 a month they will be putting in round £450 a month! It is the best way to save for retirement and the death in service payment is vital if you have DC. State pension is a lot lower too

I opted out for about 5 years (2 kids under 5; money short) and now very much regret it. I've since rejoined.

23% employer contribution is high. I wish I'd thrown mire money into it when younger, to be honest. Too late now as nearing 60

Another for don't do it. Best public pension scheme bar the top flight civil service one. You'll never be able to make up the contributions

Having recently taken early retirement I think everyone needs to put as much into a pension as they possibly can as early as they can.

State pension is peanuts. You can add in Pension Credit if you are very poor and qualify - but even with that you would be poor.

A lot of the people who are struggling to heat their homes are on a state pension.

I know it feels like a hell of a big outlay now, but your employer is paying in for you too and that is not to be jettisoned lightly.

You will literally be opting out of free money for your future self

I hugely regret not having a better pension when younger. You’d be insane to do this.

Another one saying stay in it if you can. If you do opt out please take out some life insurance - you can probably get a policy for around £10 per month. From personal experience it’s very important.

Awful idea. Please don't

ABSOLUTELY DO NOT DO IT.

Find other ways of raising extra money or cutting costs (or both).

Can you confirm this? I recently retired at 55 and took my lump sum allowance and am getting a monthly amount as well. Granted the monthly amount is not as much as if I’d waited until 67 but I calculated that the total amount I’d received until then was much more than say from 67 to 80.

Definitely keep in it if you can OP but I get where you’re coming from as it always seemed so much!

I've opted out but only temporarily to help clear a debt. I will be opting back in in January. I did this before when my children were little - opted out for one year. This time will only be 5 months. Both times I've opted out it was with a clear idea in my head of how long it would be for.

You would be mad to opt out of such a generous employer pension scheme.

If you don't understand why educate yourself by having a look at the available bumpf around your pension and its benefits.

You’d be crazy to pull out. It’s one of the best pensions there is.

As everyone else has said don't stop it!

You don't pay tax (and maybe N.I.) on pension contributions and your 'company' pays too.

If you can pay more in!!!

Lady Gawain grumble like mad at every pay slip when she saw how much she was paying in pension contributions. I insisted that she should stay in. We are now living comfortably on the accumulated funds. A lesson in life, never let short term considerations dictate long term policy.

Are you set to inherit money/property? It depends on that really