Teachers pension

[sorryIdidntmeanto]

This month my payslip says I paid £440 into my pension. I am the sole earner in my family. That is a lot of money to us. I know everyone says it is worth it, but can anyone help me understand how pensions work, so I feel less resentful? I keep reading that a huge pension pot only pays out a small amount each month. But if I am paying in over £400 a month, how would that look the other end? Can anyone explain easily? Many thanks

If you go onto David Fountains Facebook he has a spreadsheet where you can input all your figures (final salary & career average amounts) taken off your current benefit statement. You then put what age in years and months you want to retire at and it will give you a yearly amount plus your lump sum.

Mine was correct when I retired last year, there was a difference of about £3 to what I actually got.

I taught full time in the UK from 2001 to 2018, and my teacher pension (I'm 58 now) will be around 15k a year. It's definitely worth paying in. I'm still teaching full time but not eligible to contribute now.