Advice on pensions and job options please 🙏 .

[Superwomanwantsnewjob]

Good evening, I’ve been quietly loitering for a while on this amazing platform. I’m early 50’s and two issues are concerning me. I’m hoping for some advice and different viewpoints from all you clever people! 🤗

Firstly, I have a background in Business and worked for Local Government and the NHS years ago. I’m been a secondary teacher for quite a while now, but I’m really starting to feel burnt out. Any ideas of hybrid or work from home Jobs where my skills could be applicable? Lost a bit of confidence, so honestly no idea where to start - other than ChatGPT. 😮‍💨

Secondly, due to being a single parent I’m concerned my pension won’t be what I need it to be (no support from family or Ex H for years), as I had to work part time (now up to 80%) to support DC (lots of issues, which I don’t want to go into detail about). ☺️

Any advice about investments or (private) pensions, or anything else I’ve missed would be very gratefully received.

Wishing you all a wonderful New Year!

Local Government, NHS, Teacher - pensions in those jobs are very likely Defined Benefit. You need to look at your annual statement from each pension scheme. As you no longer work in those jobs, you are a Deferred member of the scheme, so don’t accrue more of the benefit (annual pension) but it will go up a little due to a rise factor (such as linked to inflation). Each scheme will have a Normal Retirement Age at which the pension starts. It may be possible to take earlier, in exchange for less annual pension. Some schemes have a compulsory pension commencement lump sum, a tax free amount you get when the pension starts. Others have a variable lump sum and others have no lump sum.
So it is important to read your pension statements and read the scheme rules (often available via an online pension portal).

The job you are in now will have a pension scheme, which may be defined benefit (common in public sector) or defined contribution.

You also have Stocks & Shares ISA which can be used for investing.

Learn about personal finance. There is lots of information available online via podcasts, YouTube, and there are books.

Perhaps start by going through the UK Personal Finance flowchart. Podcast which goes through the flowchart step by step: https://meaningfulmoney.tv/OS1

Thank you! Do you know if it’s possible to / or maybe worth reactivating a deferred pension?

I have looked at the paperwork but will do so again with your advice in mind. 🤗