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Part timer pension

7 replies

Love51 · 02/03/2018 16:17

I have got some jammy part time hours which I really like. We live ok on my job / dh's full time job with Saturday overtime (which may end in the new financial year).
The only downside is pension contributions. I can see myself working part time for a while to come, and have been part time since the birth of dc1 aged 6.
I work for local government. If I were to put a bit of additional pension aside, what should I do with it? I've been putting a monthly sum in an Isa for the past year, but that was for emergency savings.(prior to that we were saving for the new house).
Where would be the best place to put money to retire on? Thanks.

OP posts:
ChessieFL · 02/03/2018 16:58

Are you paying into the Local Government Pension Scheme? There are options to pay additional contributions within that so speak to your administering authority or look at lgpsmember.org

BubblesBuddy · 02/03/2018 17:02

Definitely put it into the Local Government scheme. Are you doing enough hours to qualify for this? When I was part time with a local authority, my hours were exactly part time and I worked 2 years to be equivalent to 1 year as I built up my pension. They are still one of the best schemes around and do not have setting up fees or low annuity rates!

Viviennemary · 02/03/2018 17:46

I think paying extra contributions into your workplace pension scheme is the best way to go. Because your employers will match your contributions so more is going in.

Love51 · 02/03/2018 18:44

Thank you for your responses.
Yes I pay in to lgps.
I'm not sure my employer will pay extra above the standard amount of contributions I make. But perhaps I need to proactively try for it and get clued up rather than being wishy washy.
I will try the website chess suggested.

OP posts:
JoJoSM2 · 02/03/2018 20:21

I'm in a public sector pension scheme and put additional money away but have decided against topping up my work contributions. Instead, I save onto a self-invested pension and into a lifetime ISA.

The reasons behind my decision was the lack of flexibility with the pension scheme, eg dictating when you should retire and being forced into an annuity. Also, if I were to die prematurely, only the equivalent of 3 years' earnings would be inherited. With a private pension, I can retire whenever, draw the money whenever and however much I'd like. If I were to die, every single penny from the pot would be inherited tax free.

So while it'll be nice to have a good, steady annuity, it'll also be nice to have the flexibility. So perhaps have a closer look at the options before you make your final decision.

Love51 · 02/03/2018 21:22

I've been on the lgps website - I think I need to contact HR and see if they will put in extra, if so it looks like being the most efficient way (assuming I don't die prematurely!) I do see the point about flexibility though, I might need that if DH dies prematurely.

OP posts:
titchy · 02/03/2018 21:32

You can buy extra years of service with your scheme - do it!

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