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The staffroom

Whether you're a permanent teacher, supply teacher or student teacher, you'll find others in the same situation on our Staffroom forum.

Can anyone explain how buying additional pension works?

2 replies

frugalkitty · 06/11/2022 13:13

Just that really. Back in teaching after a break so I'm in the new career average pension. I'd like to increase the final amount but I can't work out how the additional pension works.

The flexibility calculator suggests you buy extra pension in £250 chunks, decide how many in total you want and then how many years you want to pay over....is this right? Does anyone do this and can explain if this is how it works? I need to decide if this option is going to be better than starting a private pension alongside my teaching one.

OP posts:
RaraRachael · 07/11/2022 16:09

I spoke to a Wesleyan adviser who told me that to buy back one year of service would cost me £14K! Needless to say I didn't do it. Not use about buying it back in £250 chunks as I wasn't offered that option.

frugalkitty · 07/11/2022 20:29

Thank you, that's my understanding too, it costs a fortune! I think it's going to be better to start a private pension alongside the TP.

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