Career break: Pensions and Salary Protection

Rapunzels

Hi all, I am wondering if anyone can help me with finding out practical information about the impact of a career break on the pension, and what are the options around salary protection.

I have been in touch with the pensions section who sent me a modeller, which I can’t make head nor tail of, and they told me I can purchase notional service on my return if I wish.

Has anyone had experience with this in practical terms? What does it mean exactly in terms of impact on pension and on cost?

Also: with salary protection, I have been paying it for 14 years. I emailed them and they reply with more questions and it’s a week between emails each time - has anyone kept it up during career break, how does it work?

Thanks in advance

rainbowtrout

Well, the career break will simply mean less years completed at retirement age if you don't work for the full 40 years. E.g. if you started teaching at 22, and would have the full 40 years done at 62 (I'm assuming you started before 2004 here), and you took a career break for 2 years, then you would have 38 years done at 62. You could choose to retire with 38 years service, or you could work until 64 to make up for the two years, or as you said you can purchase the two years through notional service.

It might help if you post a couple of details. It can be expensive to buy back years depending how many you want/need to buy back.