part-time teacher over 60: should I opt out of pension scheme?

[FrancesA123]

Hi,
I'm 62 and have been paying into the Teachers' Pension scheme for about 15 years. As I'm over 60, I can claim what's owing now, or can keep paying in and wait a few years. I'll never receive much from this pension, as I haven't been paying in long enough but I'm not sure whether to hold on and keep paying, or opt out and take the lump sum now.

I have asked the Pension Scheme for advice on this but they say they are unable to offer advice.

Any thoughts?

TPS is one of the best pension schemes out there - keep paying as long as you can. 15years of paying in will get you a very good return if you wait until normal retirement age.

The TPS is a really good scheme despite what the unions tell you.Rember that your employer puts in more than double what you do , so if you are contributing 7% ( can't rmember the exact % and it depends on your earnings ) they are putting in 16.1 % of your salary.If you are over 60 then you are in the protected scheme , you can find out what you would get on the TPS website go to the calculator section

If you are still working than carry on paying in. That say you'll have la lot more when you actually retire.

Thanks everyone, I hugely appreciate your input on this.

FrancesA