Help with teacher pension scheme

[Icedlatteplease]

So I'm being really thick about this and I'm hoping someone can help me understand. I don't get the teacher pension website at all.

Long version:

I trained ages ago but didn't really work at the time (DC turned out to have SEN). I've now been working supply part time for a year (still have child with SN but also carers). I'm lucky I can cover our basic needs with universal credit so most of my salary (70-90%) goes into my (hitherto empty) pension pot.

I've been recommended to go for a mainscale role (cover teacher) with access to teacher pension. I thought this was a good idea for the pension and holiday payment

But I can't work out if I'll actually be better off.

I can't really understand if I benefit from overpaying into the Teacher pension. I think but I'm not certain, I increase my accrual rate. but after that do I benefit at all?

I realised The supply agency keep back some of my salary and give it back during the holidays so I'm not sure I Benefit from that either.

And off course then I can't pick and choose my hours which may not suit my caring responsibilities so well

Help

Why would you not contribute to one of the best pension schemes in the country?

Once you join, you have an immediate life insurance payout if you die. Mine is £100k plus.

The government contributes to your pension, tax free so it's like a form of tax free savings.

I've been in the scheme since 1996 and now looking at retiring over the next 2-3 years.

Join the TPS - it's a super deal (even if it's not as good as it used to be)

If you have spare money there are a couple of option within TPS to increase your contribution.

Finally if you still have extra spare money, then you can have a private pension too.

Hi. I was in a similar position. You need to contact Teachers Pensions ( they actually do answer the phone and are quite helpful.

in my case if I went permanent I wouldn’t be able to add what I earn in my pre-existing pension but my time out was for many years and a long time ago.

i think the answer depends on when your previous years of service were exactly.