Pension

varberg

Hi,
I am a teacher and was on the old pay scale (level 5) over a few years. I worked in a diffferant area since April 2012 and started back working as a teacher this year in Jan. I havent many hours but i am registered with the teaching council.

I am now going to be on the new pension scheme instead of the old one even though I was on the old pension scheme for a number of years. I still dont know what pay scale im on as pay was held up while i tried to get my hours and dates for the pension question, but i presume its the old one as i was paid pre 2010.

From looking it up on the internet i believe the old pension scheme is way better. Can anyone tell me why this is the case? Or is there any way i can switch back to the old pension scheme?

Thanks in advance.

Moody_mona

Teachers who have an unapproved 26 week break in service are placed on the way new pension scheme that's based on your career average as opposed to final years teaching. You do not change pay scale or increment point. Fairly sure this was a cist saving measure implemented in a budget. I don't think you'll be able to change.

varberg

Ok thanks. If i was on full hours would it make much differance to me over the course of 30 years do you think?

TheDriver

old system is better because its only based on your last 3 years service so if you are on top of scale, become principal etc in your last few years... However lets say you only become P in the last 5 years, then its 30 years average which makes the allowance look quite small on your pension

happywithlife

Sorry to drag up an old thread but I have a pension related question

Most of my subbing work to date has been in the voluntary sector and I've been on maternity for most of this year. Just got some work with a etb. Is it a different pension? I'm concerned that if I don't pick up work in the voluntary sector if I were to return to it say next year, would my pension be affected? Would I be bunked down from the old pension to the new one?
Thanks

evolving_doors

happywithlife wrote: »

Sorry to drag up an old thread but I have a pension related question

Most of my subbing work to date has been in the voluntary sector and I've been on maternity for most of this year. Just got some work with a etb. Is it a different pension? I'm concerned that if I don't pick up work in the voluntary sector if I were to return to it say next year, would my pension be affected? Would I be bunked down from the old pension to the new one?
Thanks

When did you first start teaching though?
I'm not au fait with moving between etb/voluntary but I would imagine it's all the one pot!

happywithlife

Pre 2003
So it's old salary scale and pension scale
It's just the first time I've moved between the sectors since this new 26 week rule came in

rainbowtrout

happywithlife wrote: »

Sorry to drag up an old thread but I have a pension related question

Most of my subbing work to date has been in the voluntary sector and I've been on maternity for most of this year. Just got some work with a etb. Is it a different pension? I'm concerned that if I don't pick up work in the voluntary sector if I were to return to it say next year, would my pension be affected? Would I be bunked down from the old pension to the new one?
Thanks

It is all the same thing, only that to be put on the correct point on the payscale you have to get a record of the hours you worked in the voluntary sector for your ETB or vice versa.

TheDriver

When u go to retire, the appropriate person coordinates all your service by contacting relevant ETBs etc so keep the payslips. Grand uf u always stay in one system

happywithlife

TheDriver wrote: »

When u go to retire, the appropriate person coordinates all your service by contacting relevant ETBs etc so keep the payslips. Grand uf u always stay in one system

Ha! Knew there was a good reason to hoard them :-)

evolving_doors

Just to clarify again happywithlife ... when you say youve been on maternity. do you mean you yourself went on paid/unpaid maternity leave or you have been convering someone elses maternity.
I dont know if it matters really but just in terms of a break in' service for 26 weeks from the dept. etc. could that matter? (just throwing that question open to others who would be more familiar etc.).

happywithlife

Armelodie wrote: »

Just to clarify again happywithlife ... when you say youve been on maternity. do you mean you yourself went on paid/unpaid maternity leave or you have been convering someone elses maternity.
I dont know if it matters really but just in terms of a break in' service for 26 weeks from the dept. etc. could that matter? (just throwing that question open to others who would be more familiar etc.).

I've been on leave myself. My last contact ended 31/08/14 so I'm back in employment within the 26 week rule

clon80

lads and lassies... the big question of pensions?? I think im on the old pension scheme as i qualified in 2011 but im not sure!!

Anyway I know the difference between the old one and the new one in a very simplistic way. Something - that in the old pension scheme they take the last few years on what scale your on (how many i dunn0)and its more an average over many years when your on the new scale!!!

I started teaching late and unfortunately qualified in the year 2011 (the year we got a pay cut and started on the 1st point of scale)so i think im only on the 4th point as it stands.

My big queston is do you have to have 30 years or 35 years teaching to receive a "full pension"?? Someone is telling me I should be putting money into my pension from my wage to buy back years or build it up but I can't afford this and I don't think one needs to do this..im still in mid thirties but im just wondering if anyone knows the story. am i correct in saying we have to work to 65 at a minimum therefore you can't buy pay year AVCs anymore?I hope im making sense!!!

Thanks a mill...any advice would be gratefully appreciated...and ill bubble back to ye

rainbowtrout

clon80 wrote: »

lads and lassies... the big question of pensions?? I think im on the old pension scheme as i qualified in 2011 but im not sure!!

Anyway I know the difference between the old one and the new one in a very simplistic way. Something - that in the old pension scheme they take the last few years on what scale your on (how many i dunn0)and its more an average over many years when your on the new scale!!!

I started teaching late and unfortunately qualified in the year 2011 (the year we got a pay cut and started on the 1st point of scale)so i think im only on the 4th point as it stands.

My big queston is do you have to have 30 years or 35 years teaching to receive a "full pension"?? Someone is telling me I should be putting money into my pension from my wage to buy back years or build it up but I can't afford this and I don't think one needs to do this..im still in mid thirties but im just wondering if anyone knows the story. am i correct in saying we have to work to 65 at a minimum therefore you can't buy pay year AVCs anymore?I hope im making sense!!!

Thanks a mill...any advice would be gratefully appreciated...and ill bubble back to ye

Sorry to burst the bubble, but full pension is based on 40 years service. So assuming you started teaching when you were 30ish, you will have 35ish years done at the age of 65. There is no upper limit to when you have to stop teaching now, and by the time you get to pension age, the state pension won't be paid out to 68.

If you are on the old pension, then at 65 your pension would be calculated at 35/80 x final salary. That's assuming you will have 35 years done, but based on the info you've given, it should be out by more than a year or two.

That's probably why you've received advice on buying back years, to top it up to 40 years. I suppose there's no point worrying about it if you can't actually afford it, but perhaps also, it's worth considering if you will stick at teaching for 35 years.


It would be worth checking out if you are old pension or new pension with the average career earnings based pension model for the new one. That will certainly provide a substantially smaller pension.

Grueller

clon80 wrote: »

lads and lassies... the big question of pensions?? I think im on the old pension scheme as i qualified in 2011 but im not sure!!

Anyway I know the difference between the old one and the new one in a very simplistic way. Something - that in the old pension scheme they take the last few years on what scale your on (how many i dunn0)and its more an average over many years when your on the new scale!!!

I started teaching late and unfortunately qualified in the year 2011 (the year we got a pay cut and started on the 1st point of scale)so i think im only on the 4th point as it stands.

My big queston is do you have to have 30 years or 35 years teaching to receive a "full pension"?? Someone is telling me I should be putting money into my pension from my wage to buy back years or build it up but I can't afford this and I don't think one needs to do this..im still in mid thirties but im just wondering if anyone knows the story. am i correct in saying we have to work to 65 at a minimum therefore you can't buy pay year AVCs anymore?I hope im making sense!!!

Thanks a mill...any advice would be gratefully appreciated...and ill bubble back to ye

Best advice I ever received on pension contributions was from a rep who was within a week of retirement.
Conversation went like so
I am thinking of doing an avc.
Why
To top up my pension
What age are you
29
Are you married
Yes
Any kids
One and one due in two months
Have you a mortgage
Yes a reasonably large one
Does your wife work
Yes
Does she have an occupational pension
Yes
Then came the advice that when I thought about it was the most honest I have ever heard from any rep.
"Young man, forget about your retirement, go home and look after your wife and enjoy your kids. You have two reasonably good pensions set up and you will be fine in your retirement. You need money worse now and for the next twenty years than you will ever do at my stage of life. Come back to a company like mine later on in life when your kids are all grown up and that mortgage is gone or at least inflation has made it bearable."
That may not be an ecact quote but the sentiment is exactly as described. I forgot about pensions and bought income protection as it has given me far more peace of mind when I have a young family and is far cheaper than any avc.
Just my tuppence worth. Now I am off to work.

Geuze

There is a lot of truth in that advice.