Teacher pension versus other schemes.
starchildmum · 01/05/2019 15:10
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?
DumbledoresApprentice · 01/05/2019 16:25
I’m not an expert but I am 99.999% certain that no private scheme is going to be better for the teachers than the TPS. You could try Wesleyan for advice but I’d be amazed if this scheme offers the same benefits, let alone better ones.
starchildmum · 01/05/2019 21:11
Thanks for your input!
MaybeDoctor · 09/05/2019 18:49
If they are offering to put in the same level of contributions then accept it with both hands, but don’t expect it to come out the other end exactly the same as the TPS!
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