Pensions

[Milliepatch]

Hi does anyone know how much the employers pay in on top of our pension contributions and how this works? Just realsied I have no idea how it really works or how good a pension it is! Ive only been teaching 4 years so am on the new career average scheme. Thanks!

Hi think you can find all the info you need on the teachers pension website. You can also log in to see your own pension. Which is really useful.
Think employers contribute approx 11% (that’s off the top of my head I could be wrong!)

I believe it is 16.8% but irrelevant really as the amount your employer contributes makes no difference to what you get at the end.

Thanks. Oh really that seems crazy. It does seem a bit complicated with the 1/57 now ile just continue to pay it and hope it works out well in the end

I'm sure the % is linked to your salary, so the more you earn the higher the contribution.

It's still a very good pension. I'm in bothe career average and final salary scheme and can retire at 60 (I'll be 50 next Feb) and have been teaching since 1996. Up to now I'll have a lump sum of approx £30k and a pension of £9k until I'm 67 when the second bit (career average bit of my pension) will kick in. I'll get another £8k or so but you don't get a lump sum and also my state pension so my pension will be close to £28k by then (if I'm still alive)

I plan to downsize at 60 and live off the equity in my house to top up my pension.

I had a lovely lady from Wesleyan out there talk me all through it. She was great. Didn’t try to sell me anything, just explained it all.

I've sent off a form to get a Wesleyan advisor to talk to me too - so you found them useful?

I'm trying to decide whether to downsize now and put more into my pension for the next 8/9 yrs or stay where I am and build up equity and sell just before I retire.

No way I'm working in Education till I'm 67!!!

So useful. I was clueless and she explained it all so clearly. She talked me through it and DH through his local authority pension.
She came into school and did a staff meeting too.