Anyone know anything about teacher pensions?

[FucksInARow]

I'm trying to work out where I stand. Get my ducks in a row.

Anyone have any idea what a teacher pension might be after 20 years working in inner and outer London secondary schools with 15 years of that being a head of dep?

I can't find an estimate online and DH doesn't talk to me about these things. Any estimates?

That’s wrong. It can be split - with the ex spouse becoming a “pension credit member” and getting a pension in their own right from it.

This might be helpful: https://www.teacherspensions.co.uk/members/working-life/life-events/divorce.aspx

Yes you do- it's valued as if it were a pot for the purposes of the split.

I can give you something rough

My Dh was an nqt in 2003, worked 20 years in state sector and topped out at Deputy Head level.

In 11 years when he's 55 he will get an £80k lump sum and £1200 a month according to the website

There's a cetv estimator here https://www.2020financial.co.uk/final-salary-pension-transfer-calculator/#CETV-calculator

If you put in a retirement age of 65, and aasume 20 years of 1/57 accrual with average salary £50k to get £17,550 per year, it suggests from £333k to £474k. Factors which impact the range include his age. But the bigger issue is how close the accrued pension is to reality - if I put £20k instead of £17550 it rises to £380 to £540k.

Hope that helps a bit. I would suggest exploring this, but given the potential range of values don't make any final offers until you have a proper calculation

Is he still teaching and paying into his pension op?

Doesn't McCloud affect teacher pensions? Would change the figures a bit.

You also have to bear in mind that he needs somewhere to live now- once you know the CETV you might make a generous offer re buying him out but he won't be able to accept if it leaves him with a great pension in 20 years but no roof over his head today.

So you may need to do something slightly more complicated eg give up part of your right to his pension in exchange for part of his share of the house and take on an additional mortgage to buy him out of the other part for cash, so that he then has a deposit for his next home. And don't forget your own pension needs to be factored in as well- is that a DC pension?

You have all been v helpful. I do have a pension but its tiny as minimal contributions. @LightToTheWorld yes you are right of course. He has no savings so you're right he needs somewhere to live. I just want a clean break. I'll take over all the costs including mortgage and childcare by myself if he just leaves the kids be and doesn't force us to sell. I know I can't control it like that.

Good luck, OP. Keep your powder dry about what you will/won't offer until you know exactly what the pension is worth and have taken legal advice. But it sounds as if it might be worth considering. What stage of the process are you at? Might also be worth talking to a mortgage broker.

I have a friend whose teacher, done it for around 25 years, never been head of dept (didn’t want to) and he said his pension was going to be around 12k, he wants to take early retirement so not sure if that 12k was the figure for early retirement.

If your divorcing he will have to declare his pension to you anyway, so you will get to know it eventually.