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Is it worth paying extra AVC into teacher's pension scheme?

4 replies

Cantreasonwithunreasonable · 02/03/2021 12:30

Hi, am around 20 yrs from retirement and despite paying into the teacher's pension scheme for 20 yrs I had to share it 50/50 on divorce.
I'm in a position now where I have £200 to save each month - is it best put towards additional pension within the scheme?
Who can I ask? Am in Midlands if anyone has advice.
Thankyou

OP posts:
BarbaraofSeville · 02/03/2021 12:43

Can you get financial advice from your union?

I'm not a teacher but have a public sector pension and am in another union and we're entitled to a free half hour session with a financial advisor, so if something similar is available to you, you might be able to use that to ask your question and see what other options might be suitable, eg a separate pension from somewhere like Vanguard who do low cost SIPPs.

Cantreasonwithunreasonable · 26/04/2021 21:29

Would you bother with pensions at the moment or use ISAs? I don't have one at the moment, but just going to have a little extra each month.
I hear about paying mortgage off early but I'm not anywhere near the end of the term! Will it be worth it yet?

OP posts:
Margaritatime · 26/04/2021 22:56

I would increase mortgage contributions by £200. You will be amazed how much it reduces the amount you repay in total.

KeyboardWorriers · 27/04/2021 22:19

@Cantreasonwithunreasonable mortgage overpayments will actually have the most impact when you are a long way from the end, so that would definitely be worth considering. Have a look at some mortgage overpayment calculators to see the difference it could make

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