Anyone out there opted out of their company pension?

[Millie3030]

Hi,

I I'm a teacher and have been paying into my pension for 7 years. It costs over £200 a month for the pension and I have to work until I'm 68 to see any of my pension money.

Sounds morbid but my nan died at 65, my mum at 59, I really don't think I'm going to live to see that pension money. Has anyone opted out of he pension and just enjoyed the money now, whilst they are young and have a family and can benefit now??

I feel like I'm saving for a rainy day that I may never see, £2400 a year is a holiday my family could go on every year! I know there are tax deductions so it won't be as much as that, but it's still more every month whilst I'm young ish (30) that could make a difference.

Hi Fluff

Others are right in that Teachers' Pensions can't really do anything now - if you were unhappy with their decision at the time you would have had the opportunity to appeal but there's usually a timescale of around 6 months from the date of the decision.

I'm also not quite sure what it is you expect them to do - you appear to have got the best deal at the time! You were unable to carry on working, so they paid you a pension. Public sector employees now have to fight much harder than you did to be entitled to payment of their pension early on health grounds. Many people now have to give up work and don't get paid their pension early because the criteria are much stricter now.

You mention that they didn't discuss your options - but as far as I can see there were no other options! You couldn't carry on working as a teacher so you wouldn't have been able to build up further benefits. You have benefitted from years of pension payments that you wouldn't have received otherwise.

However what Teachers' Pensions can do is explain to you how your pension was calculated. The chances are that because you retired on ill-health there was an enhancement to your benefits and they can confirm this for you.

And as others have said - claim benefits, that's what they are there for!!