Do I need a private pension?

[Bobbybobbins]

I have a workplace pension (I'm a teacher) but I only work part time.

I am wondering if it would be better to start a private personal pension and pay into that or to top up my teacher pension (if I can even do this?) ??

You can top up your pension. Have a look at teachers' AVCs - Additional Voluntary Contributions. Mine is held by the Prudential.

A teachers pension is defined benefit so better than a private pension which is subject to the whims of the stock market.

Thanks very much!

When do you want to retire? Paying into a workplace pension is definitely a good idea but you can only access the money at state retirement age. If you want early retirement and earlier access to funds, check out when you can take the AVC mentioned above, or if you are under 40, have a look at the Government's ISA.

I would recommend calculating how much you think you will need to live on during retirement - e.g. you may no longer need to pay a mortgage but want to take more holidays etc. Then compare it to what you will get from your current pension.

Many top-ups only allow a certain amount extra (e.g. 1% more of your salary), which may not be enough

Also a financial advisor will be able to give you advice on this

You can retire from teaching from 55 (we can take our pension then) but, obviously, the lump sum and amount will be smaller than at 65 or 67. (but then, I'd rather live longer with less than be a wealthy corpse..)