Teacher Pension Scheme versus other Pension schemes

[starchildmum]

Hello

I am a teacher in a private school( but have been in various state schools before) currently paying into the teacher pension scheme
( which is know to be a comparatively good scheme).

As you know contributions for employers increases in 2019. The employer contribution will rise from 16.48% to 23.68% and many employers drop out to various schemes such as AVIVA etc.

We will soon have a meeting which illustrates our potential benefits of dropping out (if any). They claim they want to contribute the same amount and us same or a little higher.

Is anyone familiar with the advantages and disadvantages?
Or will it for certain be a doomed undertaking and less beneficial for us teachers.

I just want to get an understanding of the topic.
I have the feeling in our next meeting the school will present a scenario which illustrates an advantage to show that dropping out is also a better solution for us teachers as in theory were are given a say on wether to stay on or leave.

I doubt this is true but by presenting a scenario which seems also more profitable for us teachers, we might be tricked into leaving due to lack of information.

Any pension experts around?Any benefit of leaving the TPS?

Thank you!

Find out as much as possible about the scheme you are currently in. I would look at information from teaching unions as they have probably looked in-depth at the current scheme.

Find out as much as possible about the scheme you are currently in. I would look at information from teaching unions as they have probably looked in-depth at the current scheme.

Hi

Yes, it seems as if the teacher pension scheme is one of the best on the market in terms of retirement planning but would like to ind out the difference to other scheme. Ae they all bound to be worse?

Ex Financial Adviser here ( long time ago) . I don’t know anything about the schemes Private schools may have but I DO know that the State teachers pension scheme is better than anything you would get on the open market. I was not allowed to advise teachers to leave their scheme and had to advise ( and document the fact I had) any teachers to join their scheme even if they had other provision. We risked an investigation by the FCA if we didn’t - it was that serious

Unfortunately the massive increase in employer contributions means that it won’t be affordable for many private schools. To be honest I’m not really sure why private sector employees should get a public sector pension?