Pensions

[Lookingsparkly]

There’s a thread in AIBU that has got me worrying thinking. I have a teachers pension and have been FT since I was 23. I’m now 38. My husband has whatever small amount has gone into his NEST pension since auto-enrolment started.

Should I be adding to my teachers pension? Should I have a separate private plan? What about DH? And should we be thinking about a pension for our DC aged 5??

I think you should speak to an independent financial advisor. Or someone in your union.
I did and they massively put my mind at rest.

Have you registered with teachers pension website you can see how much you have accumulated on there and there are calculators to predict what pension you might get. I would think you will be fine if you continue in teaching as it’s a defined benefit pension which means you retire with a guaranteed amount depending on how much service you have.

TP is generous. The only issue I personally see with it is retiring early. If you’d like to do that, you might like a SIPP or a LISA to then ride you over until the TP pension kicks in.

Put some money into a LISA before you're 40 as you can only start one until then. Once you have it you can pay in until you're 50 and it pays out when you're 60. They're not for everyone but at least you'd have the option if you open it now.