Financial advice for teachers

Teach30 · 03-08-2020 5:33pm #1

Hi just wondering could anyone recommend where to get financial advice for a teacher. I’m unsure if I’m being paid correctly and despite having read the Union info on pay I’m still very confused by it all, particularly on The pay scale and increments.

Is there an easy way to work out what scale I should be on if I have been teaching since 2008? I’m really confused as to whether I should be Should I be on point 12 or 14.

I feel embarrassed to ask friends as I’ve been teaching for quite a while and I should have it all figured out by now. A professional might be good to help me sort out things like taxes etc. I’m very clueless about all this!

Thank in advance.

mtoutlemonde · 03-08-2020 5:42pm

Teach30 wrote: »

Hi just wondering could anyone recommend where to get financial advice for a teacher. I’m unsure if I’m being paid correctly and despite having read the Union info on pay I’m still very confused by it all, particularly on The pay scale and increments.

Is there an easy way to work out what scale I should be on if I have been teaching since 2008? I’m really confused as to whether I should be Should I be on point 12 or 14.

I feel embarrassed to ask friends as I’ve been teaching for quite a while and I should have it all figured out by now. A professional might be good to help me sort out things like taxes etc. I’m very clueless about all this!

Thank in advance.

You're pre 2011 so you're getting your allowances.
Point of scale - I don't know your job situation since 2008 but 600 hours in a year resulted in increment. An RPT/Fixed term resulted in increment every year. You would have started on point 3.

Teach30 · 03-08-2020 5:59pm

mtoutlemonde wrote: »

You're pre 2011 so you're getting your allowances.
Point of scale - I don't know your job situation since 2008 but 600 hours in a year resulted in increment. An RPT/Fixed term resulted in increment every year. You would have started on point 3.

Ok thanks for the information. I honestly can’t remember how many hours I had when I first started out. I have been teaching continuously since since 2008.
However if I was on maternity leave and similar contracts I wouldn’t move up so as they are not my own hours?

If I rang the financial section I wonder would they be of any help. I’m assuming they would have my hours etc to hand...?

mtoutlemonde · 03-08-2020 7:24pm

Teach30 wrote: »

Ok thanks for the information. I honestly can’t remember how many hours I had when I first started out. I have been teaching continuously since since 2008.
However if I was on maternity leave and similar contracts I wouldn’t move up so as they are not my own hours?

If I rang the financial section I wonder would they be of any help. I’m assuming they would have my hours etc to hand...?

Yes maternity makes up the 600 hours. Maternity is not CIDable but is eligible for increments. The payroll department will be able to provide you with a statement of hours worked - you'll be able work it out from that.

am_zarathustra · 03-08-2020 7:41pm

Teach30 wrote: »

Ok thanks for the information. I honestly can’t remember how many hours I had when I first started out. I have been teaching continuously since since 2008.
However if I was on maternity leave and similar contracts I wouldn’t move up so as they are not my own hours?

If I rang the financial section I wonder would they be of any help. I’m assuming they would have my hours etc to hand...?

Hey, just email payroll in the department in Cornamaddy. They are pretty helpful and you can just ask what increment you are on and when is your next one due. It's a simple request so I'm sure they will get back to you in a couple of days. I've done it a couple of times when moving systems

rainbowtrout · 03-08-2020 8:34pm

Assuming full hours since 2008, you've done 12 years, so starting on point 3 you would be now on point 14.

Assuming you started in September 2008, you would also have to take into account that there was a freeze on increments in 2014-2016. As you were lower down the payscale, you probably only had one 3 month freeze, so if your increment was originally in September, it's probably now in December.

No need to go to a financial advisor, you'd still have to get the info from the DES, who will be able to tell you what increment you are on and when you are due to go up again.

If you are on 14, when you go on to 15 (and 16), there is no financial increase again until you reach 17.

Teach30 · 03-08-2020 9:01pm

rainbowtrout wrote: »

Assuming full hours since 2008, you've done 12 years, so starting on point 3 you would be now on point 14.

Assuming you started in September 2008, you would also have to take into account that there was a freeze on increments in 2014-2016. As you were lower down the payscale, you probably only had one 3 month freeze, so if your increment was originally in September, it's probably now in December.

No need to go to a financial advisor, you'd still have to get the info from the DES, who will be able to tell you what increment you are on and when you are due to go up again.

If you are on 14, when you go on to 15 (and 16), there is no financial increase again until you reach 17.

Thank you for the help. I’ll pop them an email and see where it’s gone astray as I think I should be on point 14.

I know I might have done 11 hours contract for one year but always got more hours during the year so maybe that affected it. I wasn’t dept paid at one stage either so I’ll ask them how do I fix that.

Thanks everyone.

am_zarathustra · 03-08-2020 10:01pm

Teach30 wrote: »

Thank you for the help. I’ll pop them an email and see where it’s gone astray as I think I should be on point 14.

I know I might have done 11 hours contract for one year but always got more hours during the year so maybe that affected it. I wasn’t dept paid at one stage either so I’ll ask them how do I fix that.

Thanks everyone.

If you weren't department paid you'll have to apply to have the service recognised for incremental credit. If it was a private school you'll need to get them to fill in the paperwork.

Might be worth checking your pension too while your at it, private pay isn't reackonable so it might be worth looking at buying time back now, it's cheaper the earlier you do it. I had a friend get stung by this.

Teach30 · 03-08-2020 11:03pm

am_zarathustra wrote: »

If you weren't department paid you'll have to apply to have the service recognised for incremental credit. If it was a private school you'll need to get them to fill in the paperwork.

Might be worth checking your pension too while your at it, private pay isn't reackonable so it might be worth looking at buying time back now, it's cheaper the earlier you do it. I had a friend get stung by this.

Ok thanks. What’s the buying back pension thing about? Sorry totally clueless about all this, hence why a financial advisor might be useful to me. I know there’s something about allowances for equipment too but I’ve never taken it further and don’t know who to ask.

Teach30 · 03-08-2020 11:03pm

am_zarathustra wrote: »

If you weren't department paid you'll have to apply to have the service recognised for incremental credit. If it was a private school you'll need to get them to fill in the paperwork.

Might be worth checking your pension too while your at it, private pay isn't reackonable so it might be worth looking at buying time back now, it's cheaper the earlier you do it. I had a friend get stung by this.

Ok thanks. What’s the buying back pension thing about? Sorry totally clueless about all this, hence why a financial advisor might be useful to me. I know there’s something about allowances for equipment too but I’ve never taken it further and don’t know who to ask.

rainbowtrout · 03-08-2020 11:48pm

Teach30 wrote: »

Ok thanks. What’s the buying back pension thing about? Sorry totally clueless about all this, hence why a financial advisor might be useful to me. I know there’s something about allowances for equipment too but I’ve never taken it further and don’t know who to ask.

There's a tax credit for lots of different professions, teacher is one of them. You can claim that yourself on the revenue online service, if you haven't claimed it already. It comes under the title of flat rate expenses. It's about €500, you might be able to claim back for previous years too if you haven't previously claimed it.

https://www.revenue.ie/en/employing-people/employee-expenses/flat-rate-expense-allowances/index.aspx

If you won't have the full 40 years (max for pension) by the time you reach 65, you are allowed 'buy back' years by making extra contributions.

There are two ways of doing this: start an AVC which is essentially a private pension to make up the shortfall that you wouldn't get from the public pension or do what is called 'Notional Service Purchase' where the DES will give you a quote on how much it is to buy back the year or years you are short at retirement age. You can buy back a max of 5 years.

So if for example you went into teaching at 30, you would have 35 years complete at 65, the earliest you can draw down your pension, you could buy back up to 5 years. I think you can make a lump sum payment or have it deducted from salary.

On the other hand, if you were close to the 40 years at retirement some would not see it as worth the hassle of buying back the years.

If you did not reach the 600 hour threshold in the year you were on a 11 hour contract, it wouldn't have counted for the increment.

amacca · 03-08-2020 11:49pm

am_zarathustra wrote: »

might be worth looking at buying time back now, it's cheaper the earlier you do it. I had a friend get stung by this.

I had no idea it was cheaper the earlier you do it......is there a formula or something available

rainbowtrout · 03-08-2020 11:55pm

https://www.education.ie/en/Education-Staff/Services/Retirement-Pensions/Teaching-Staff/Notional-Service-Scheme

There's information on it here.

Geuze · 04-08-2020 12:08am

Teach30 wrote: »

Ok thanks. What’s the buying back pension thing about? Sorry totally clueless about all this, hence why a financial advisor might be useful to me. I know there’s something about allowances for equipment too but I’ve never taken it further and don’t know who to ask.

First of all, check your tax credits.

The tax allowance for expenses should be there, 518.

A financial advisor will be no good on:

increments/salary scale
buying back years

Do your own research, read AAM, and ask here and on AAM.

mtoutlemonde · 04-08-2020 12:24am

rainbowtrout wrote: »

There's a tax credit for lots of different professions, teacher is one of them. You can claim that yourself on the revenue online service, if you haven't claimed it already. It comes under the title of flat rate expenses. It's about €500, you might be able to claim back for previous years too if you haven't previously claimed it.

https://www.revenue.ie/en/employing-people/employee-expenses/flat-rate-expense-allowances/index.aspx

If you won't have the full 40 years (max for pension) by the time you reach 65, you are allowed 'buy back' years by making extra contributions.

There are two ways of doing this: start an AVC which is essentially a private pension to make up the shortfall that you wouldn't get from the public pension or do what is called 'Notional Service Purchase' where the DES will give you a quote on how much it is to buy back the year or years you are short at retirement age. You can buy back a max of 5 years.

So if for example you went into teaching at 30, you would have 35 years complete at 65, the earliest you can draw down your pension, you could buy back up to 5 years. I think you can make a lump sum payment or have it deducted from salary.

On the other hand, if you were close to the 40 years at retirement some would not see it as worth the hassle of buying back the years.

If you did not reach the 600 hour threshold in the year you were on a 11 hour contract, it wouldn't have counted for the increment.

I'm not going searching now but as far as I know RPT/fixed term is awarded every year not dependant on hours.

Teach30 · 04-08-2020 12:26am

rainbowtrout wrote: »

There's a tax credit for lots of different professions, teacher is one of them. You can claim that yourself on the revenue online service, if you haven't claimed it already. It comes under the title of flat rate expenses. It's about €500, you might be able to claim back for previous years too if you haven't previously claimed it.

https://www.revenue.ie/en/employing-people/employee-expenses/flat-rate-expense-allowances/index.aspx

If you won't have the full 40 years (max for pension) by the time you reach 65, you are allowed 'buy back' years by making extra contributions.

There are two ways of doing this: start an AVC which is essentially a private pension to make up the shortfall that you wouldn't get from the public pension or do what is called 'Notional Service Purchase' where the DES will give you a quote on how much it is to buy back the year or years you are short at retirement age. You can buy back a max of 5 years.

So if for example you went into teaching at 30, you would have 35 years complete at 65, the earliest you can draw down your pension, you could buy back up to 5 years. I think you can make a lump sum payment or have it deducted from salary.

On the other hand, if you were close to the 40 years at retirement some would not see it as worth the hassle of buying back the years.

If you did not reach the 600 hour threshold in the year you were on a 11 hour contract, it wouldn't have counted for the increment.

Great I’ll look up the revenue so and see if I can figure that but out.

Are AVCs like savings? I assume I’ll be teaching until I’m 68 so I’ll have the 40 years done by then. I hadn’t really thought about stopping earlier and I dont think it would bother me to be there until then.
I can’t really afford to save more at the minute, well at least not where I can’t access the money quickly so maybe they won’t suit me.

I had a quick look and Cornmarket seem to give advice on this, are there alternatives?

Sorry for all the questions I’m trying to get get my head more organised. I hadn’t opened a pay slip until today - I never ever open them and It made me start wondering was I getting paid correctly - there’s info online but really if you don’t have a head for it it’s difficult to understand.

Geuze · 04-08-2020 12:28am

Yes, AVCs are pensions savings.

Yes, Cornmarket are an active and large broker selling AVCs.

Yes, there are other brokers selling the same plans, at lower charges than Cornmarket, but often with less advice.

Geuze · 04-08-2020 12:29am

Teach30 wrote: »

Sorry for all the questions I’m trying to get get my head more organised. I hadn’t opened a pay slip until today - I never ever open them and It made me start wondering was I getting paid correctly - there’s info online but really if you don’t have a head for it it’s difficult to understand.

Every worker should read every payslip they receive.

Geuze · 04-08-2020 12:32am

Teach30 wrote: »

Great I’ll look up the revenue so and see if I can figure that but out.

I'm sure you have a Revenue MyAccount.

You can read your Certificate of Tax Credits in there.

am_zarathustra · 04-08-2020 12:38am

Teach30 wrote: »

Great I’ll look up the revenue so and see if I can figure that but out.

Are AVCs like savings? I assume I’ll be teaching until I’m 68 so I’ll have the 40 years done by then. I hadn’t really thought about stopping earlier and I dont think it would bother me to be there until then.
I can’t really afford to save more at the minute, well at least not where I can’t access the money quickly so maybe they won’t suit me.

I had a quick look and Cornmarket seem to give advice on this, are there alternatives?

Sorry for all the questions I’m trying to get get my head more organised. I hadn’t opened a pay slip until today - I never ever open them and It made me start wondering was I getting paid correctly - there’s info online but really if you don’t have a head for it it’s difficult to understand.

Just remember if you are paid privately it's not pensionable.

Solid advice here. Cornmarket are good because they understand teachers but they will try and sell you their product which might not be the best so as stated above, try and do a little research

Teach30 · 04-08-2020 12:42am

Geuze wrote: »

Every worker should read every payslip they receive.

Why?
I check my bank account and I see I get paid.
It’s all well and good say read it but I dont understand it. Yes I can look it up but I don’t know anyone I can ask to explain it to me in the simplest terms possible.

I’ve read about increments - I’m still lost as to where I should be on the scale. I’ve no idea how many hours I worked years ago.

Also I dont think I need AVCs, does every teacher get them?
How would I find out what my pension would be when I retire.. a Financial advisor?

I’d totally pay someone to just do all this stuff for me.

Geuze · 04-08-2020 1:25am

Teach30 wrote: »

Why?
I check my bank account and I see I get paid.
It’s all well and good say read it but I dont understand it. Yes I can look it up but I don’t know anyone I can ask to explain it to me in the simplest terms possible.

I’ve read about increments - I’m still lost as to where I should be on the scale. I’ve no idea how many hours I worked years ago.

Also I dont think I need AVCs, does every teacher get them?
How would I find out what my pension would be when I retire.. a Financial advisor?

I’d totally pay someone to just do all this stuff for me.

I can't help you on the increments.

Nobody can, just yourself doing the calculations, and asking your employers, and the DES in Athlone.

I can help you on the pension.

Are AVCs popular? I actually don't know what % of PS do them.

But I do read plenty of discussion here and on AAM about them.

If workers will have 40 years service, and a full work pension, personally I don't see much point in AVCs or NSP.

Even 35 years service gives a good work pension.

Geuze · 04-08-2020 1:27am

Teach30 wrote: »

Why?
I check my bank account and I see I get paid.
It’s all well and good say read it but I dont understand it. Yes I can look it up but I don’t know anyone I can ask to explain it to me in the simplest terms possible.

Ask here or on AAM.

I will tell you now.

Main things to check are they correct:

(1) tax credits

(2) SRCOP

That's a good start.

Geuze · 04-08-2020 1:27am

Teach30 wrote: »

I’d totally pay someone to just do all this stuff for me.

No need. All info available for free.

Here is some info:

https://www.education.ie/en/Education-Staff/Services/Retirement-Pensions/Teaching-Staff/Teaching-Staff.html

rainbowtrout · 04-08-2020 9:31am

Teach30 wrote: »

Why?
I check my bank account and I see I get paid.
It’s all well and good say read it but I dont understand it. Yes I can look it up but I don’t know anyone I can ask to explain it to me in the simplest terms possible.

I’ve read about increments - I’m still lost as to where I should be on the scale. I’ve no idea how many hours I worked years ago.

Also I dont think I need AVCs, does every teacher get them?
How would I find out what my pension would be when I retire.. a Financial advisor?

I’d totally pay someone to just do all this stuff for me.

Well to make sure i get paid properly.

For instance I get my increment in the middle of March every year. So I check the payslip dated after that to see if the increment has changed. If it hasn’t, I’d be on to payroll to ask why.

A few years back I got a payslip (and pay) for €400 for two weeks work and I’m full time permanent. Got on to payroll and they told me that my tax credits had changed and they were just following the updated details they got grain revenue. Turns out when I had sent something else into revenue for some bizarre reason whoever was working on my account applied my entire tax credit to a place I had worked in for a summer job 15 years earlier. They moved it back straight away and I got my money back.

AVCs are there to make up the shortfall if you don’t have the full years when you retire. Like Geuze said not particularly useful to someone who will have full service. There is a limit to what you can have in the AVC before you pay tax on it because it is supposed to make up a shortfall in the public service pension if you have one. If you do the full 40 years then you have no shortfall.

It’s worth your while sitting down and educating yourself on all of this stuff. If you do go down the road of an AVC or any other financial product in the future it’s best to be armed with the facts first.

For pension calculation you get 1/80 of your final salary (ie the salary you were on when you retired) for every year worked up to a max of 40/80s or 1/2.

So If you were on 60k when you retire after 40 years, then your pension would be 30k annually. You also get a lump sum which is three times the pension so 90k in this example. The lump sum is tax free.

Teach30 · 04-08-2020 10:03am

Geuze wrote: »

Ask here or on AAM.

I will tell you now.

Main things to check are they correct:

(1) tax credits

(2) SRCOP

That's a good start.

Thanks for trying to help. I know you mean well but I don’t have a head for these things.
What’s SRCOP.. and how would I know what my tax credits should be?

I read through the pension article you linked and can safely say after the 28 pages I’m none the wiser. I don’t have a maths brain and working out the payments is not easy as I haven’t a clue what I’m at.

Thanks anyways I tried to log Into the revenue but it’s not letting me so working on that.

Teach30 · 04-08-2020 10:09am

rainbowtrout wrote: »

Well to make sure i get paid properly.

For instance I get my increment in the middle of March every year. So I check the payslip dated after that to see if the increment has changed. If it hasn’t, I’d be on to payroll to ask why.

A few years back I got a payslip (and pay) for €400 for two weeks work and I’m full time permanent. Got on to payroll and they told me that my tax credits had changed and they were just following the updated details they got grain revenue. Turns out when I had sent something else into revenue for some bizarre reason whoever was working on my account applied my entire tax credit to a place I had worked in for a summer job 15 years earlier. They moved it back straight away and I got my money back.

AVCs are there to make up the shortfall if you don’t have the full years when you retire. Like Geuze said not particularly useful to someone who will have full service. There is a limit to what you can have in the AVC before you pay tax on it because it is supposed to make up a shortfall in the public service pension if you have one. If you do the full 40 years then you have no shortfall.

It’s worth your while sitting down and educating yourself on all of this stuff. If you do go down the road of an AVC or any other financial product in the future it’s best to be armed with the facts first.

For pension calculation you get 1/80 of your final salary (ie the salary you were on when you retired) for every year worked up to a max of 40/80s or 1/2.

So If you were on 60k when you retire after 40 years, then your pension would be 30k annually. You also get a lump sum which is three times the pension so 90k in this example. The lump sum is tax free.

Thanks, I don’t know when I get increments or that I even got them u til lately so I’ll email the financial section and see what they say to me.

I don’t have a head for maths so even working things out I wouldn’t be sure I had calculated it correctly. I know you have an example for pensions but I can’t follow it.. I think my embarrassment about not understanding these things has led me to never ask about them. I’m usually just delighted I get paid.

With the example... I would look at the pay scale and see what I would be be on and then if it’s 1/80 of it divide that number by 80? And if I work 40 years I divide the number by 40 no?
Sorry totally don’t get it.

Not to worry through I’ll see if I’m being paid right first and work on the pay scale number and see if that’s right.

am_zarathustra · 04-08-2020 11:16am

If you email payroll at the department they will send you out a service printout, after 5 years teaching mine was a decent manuscript size but if you need more detail that's where to go.

You are incremented in the paycheck that changes every year or two. You in the middle of the scale so it'll be harder to see but you pay should change around the same paycheck. I know in sept I'll get a little pay bump, like Rainbowtrout said I'd keep my eye of this. I've had plenty of run ins over the years around pay, incorrect tax etc.

With regards to AVCs, if you go to a financial advisor they will try and sell you these. Thats there job, they get commission. You need to have some knowledge going in. If you are short years from working in a private school just buy them back from the department. It will be worth more to you that way, especially given your on the middle pension (there are 3 pension systems currently in place for teachers depending on when you started)

The 1/80th means that if you do 40 years you get 40/80 of your final salary. So your pension will be half. Also you get a very decent lump sum tax free. Do you have a post or do you plan on applying? What year did you start teaching and when do you plan on retiring? Have you ever taken maternity? How many years were you paid privately? If you know the answer to these I could give you a rough idea of your pension on here. It's good to know for yourself, unless you know the financial advisor personally they can give bad advice.

Geuze · 04-08-2020 12:00pm

Teach30 wrote: »

Thanks for trying to help. I know you mean well but I don’t have a head for these things.
What’s SRCOP.. and how would I know what my tax credits should be?

Tax credits listed here:

https://revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx

Most people get two:

the personal tax credit = 1650
the PAYE tax credit = 1650

but there are others that you may be due, depending on your circumstances.

Then there is the tax relief for flat-rate work expenses, worth 518.

Setup and/or login to your Revenue account to check them.

Or easier, check them on your payslip.

Geuze · 04-08-2020 12:04pm

Teach30 wrote: »

Thanks for trying to help. I know you mean well but I don’t have a head for these things.
What’s SRCOP.. and how would I know what my tax credits should be?

SRCOP = standard rate cut-off point, the point at which workers move to the top tax rate 40%.

Also known as tax bands.

See here:

https://revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx

It's 35,300 for a single person.

Check your payslip, and/or your Certificate of Tax Credits.

Geuze · 04-08-2020 12:06pm

Teach30 wrote: »

Thanks anyways I tried to log Into the revenue but it’s not letting me so working on that.

Register for Revenue MyAccount here:

https://www.ros.ie/myaccount-web/register.html?execution=e4s1

Geuze · 04-08-2020 12:08pm

Teach30 wrote: »

With the example... I would look at the pay scale and see what I would be be on and then if it’s 1/80 of it divide that number by 80? And if I work 40 years I divide the number by 40 no?
Sorry totally don’t get it.

Pensions are a bit complex, yes.

For simplicity, a typical teacher retiring now, gets a pension as follows:

Pension = (years of service)(1/80)

Lump-sum = (years of service)(3/80)

It is more complex for PS hired since 2013, who are in the new Single PS pension scheme.

Teach30 · 04-08-2020 12:10pm

Geuze wrote: »

SRCOP = standard rate cut-off point, the point at which workers move to the top tax rate 40%.

Also known as tax bands.

See here:

https://revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx

It's 35,300 for a single person.

Check your payslip, and/or your Certificate of Tax Credits.

Thanks So much for taking time to explain it.
So my payslip says tax credit of 1650 and my cut off point says 17650. Would this be right?
I’m single.

Can’t log into revenue they have to post me a pin code so will wait for that.

StackSteevens · 04-08-2020 12:15pm

By any chance would you be one of the wise hoarders who has kept your P60s - or even your last payslip for each calendar year - since you started to teach?

Millem · 04-08-2020 12:16pm

Teach30 wrote: »

Thanks So much for taking time to explain it.
So my payslip says tax credit of 1650 and my cut off point says 17650. Would this be right?
I’m single.

Can’t log into revenue they have to post me a pin code so will wait for that.

Do you not get the flat rate expenses?
https://www.asti.ie/pay-and-conditions/pay/taxation/

StackSteevens · 04-08-2020 12:19pm

am_zarathustra wrote: »

Solid advice here. Cornmarket are good because they understand teachers but they will try and sell you their product which might not be the best so as stated above, try and do a little research

Exactly.

Bear in mind that Cornmarket are owned by Irish Life (IL) so their consultants aren't able to give you financial advice about non-IL products.

Teach30 · 04-08-2020 12:25pm

Millem wrote: »

Do you not get the flat rate expenses?
https://www.asti.ie/pay-and-conditions/pay/taxation/

Sorry, How would I know if I did?

This is why I would gladly pay an accountant or someone to do all this for me..!

Teach30 · 04-08-2020 12:28pm

StackSteevens wrote: »

By any chance would you be one of the wise hoarders who has kept your P60s - or even your last payslip for each calendar year - since you started to teach?

Ha ha I have them but dont open them.
I’ve a bundle of revenue letters too but not opened either. Actually what do other people do with them? Should I bin them.

None of this was part of learning how to be a teacher..!

I appreciate everyone’s help.

I’m not worried about AVCs right now I’d prefer to get the basics right first and understand them before I move to all the pension stuff as at the moment I’m feeling overwhelmed with just this.

Again this is why I’ve never asked anyone else in the staffroom - I’m embarrassed that I’m clueless about it all and it’s easier not to ask then.

heldel00 · 04-08-2020 12:28pm

Started fulltime 2005 (had previous service but had a gap of 26wks so am on the middle post 04 pension)
Will have 40 years done by time I'm 60 but won't have access to state portion of pension until 65.
Are AVCs beneficial to likes of me? (I've stopped and started them iver past few years)

Irks me that even if i stay until 65 pension will not increase as 40 yrs is the max.

(Sorry Teach30 for hijacking thread but i suppose more questions asked, more enlightened we'll be - ring the Dept and ask gor statement of service. This will have every hour you've ever done on it)

Millem · 04-08-2020 12:32pm

Teach30 wrote: »

Sorry, How would I know if I did?

This is why I would gladly pay an accountant or someone to do all this for me..!

Your tax credits. You need to log into revenue or ring them and see what is being applied.

Treppen · 04-08-2020 12:48pm

I know there's a few on here who would encourage you to work it out yourself op and id agree with that... Especially if they help.

BUT companies like Cornmarket (I've used PSRA too and the guy was very good) could give you small bits of advice during your 'free financial review' . Here's the deal though... They'll give you a review for about 30 minutes if you have your payslip and years of employment etc, but they'll pitch you products at the end like health insurance or payment protection. Hear them out too because I've known people who have saved a lot of money on health insurance and luckily signed up to payment protection before getting a serious illness. Bring a notebook and take notes.

As regards the private party you need to be very careful , if you didn't get any Department pay for a period of 26 weeks after 2012 during this, you'll be kicked into the 2012 new pension scheme.

When did you work privately ?
How long?
Did you get any dept payslip during that.. even for one hour?

Putting money into buying back service or AVCs need to be weighed up with other financial decisions. Pay off mortgage earlier! Use that money to save for mortgage now! Save for kids college if they're starting soon.

Teach30 · 04-08-2020 1:01pm

Treppen wrote: »

I know there's a few on here who would encourage you to work it out yourself op and id agree with that... Especially if they help.

BUT companies like Cornmarket (I've used PSRA too and the guy was very good) could give you small bits of advice during your 'free financial review' . Here's the deal though... They'll give you a review for about 30 minutes if you have your payslip and years of employment etc, but they'll pitch you products at the end like health insurance or payment protection. Hear them out too because I've known people who have saved a lot of money on health insurance and luckily signed up to payment protection before getting a serious illness. Bring a notebook and take notes.

As regards the private party you need to be very careful , if you didn't get any Department pay for a period of 26 weeks after 2012 during this, you'll be kicked into the 2012 new pension scheme.

When did you work privately ?
How long?
Did you get any dept payslip during that.. even for one hour?

Putting money into buying back service or AVCs need to be weighed up with other financial decisions. Pay off mortgage earlier! Use that money to save for mortgage now! Save for kids college if they're starting soon.

I know I’m trying to figure it all out but as usual I am feeling stupid and have no patience for reading up on it so while I’m trying my best my lack of understanding makes me not want to.

AVCs are above my head right now. I have no children or mortgage thankfully and won’t have one either.
I did have some hours for dept with I was paid in private school.

I have emailed financial section and I can’t log into revenue online until they post me a password - I don’t have two forms of Id to register right now.

Geuze · 04-08-2020 3:19pm

Teach30 wrote: »

Thanks So much for taking time to explain it.
So my payslip says tax credit of 1650 and my cut off point says 17650. Would this be right?
I’m single.

Check what the tax credits figure is on your payslip.

Multiply it to an annual figure.

Then compare that to what it should be:

personal single tax credit = 1650
PAYE tax credit = 1650

Total = 3,300

Geuze · 04-08-2020 3:20pm

Teach30 wrote: »

Ha ha I have them but dont open them.
I’ve a bundle of revenue letters too but not opened either. Actually what do other people do with them? Should I bin them.

Open them now, and read them.

Geuze · 04-08-2020 3:22pm

Teach30 wrote: »

Thanks So much for taking time to explain it.
So my payslip says tax credit of 1650 and my cut off point says 17650. Would this be right?
I’m single.

If this is correct, and you are getting just 1650 tax credit, then something is wrong, and you will have to do tax returns for past years.

To double check, what are your tax credits and SRCOP on your payslip?

rainbowtrout · 04-08-2020 3:23pm

Teach30 wrote: »

Ha ha I have them but dont open them.
I’ve a bundle of revenue letters too but not opened either. Actually what do other people do with them? Should I bin them.

None of this was part of learning how to be a teacher..!

I appreciate everyone’s help.

I’m not worried about AVCs right now I’d prefer to get the basics right first and understand them before I move to all the pension stuff as at the moment I’m feeling overwhelmed with just this.

Again this is why I’ve never asked anyone else in the staffroom - I’m embarrassed that I’m clueless about it all and it’s easier not to ask then.

:eek::eek::eek::eek:

But everyone who works is an employee!!!

The longer you go without checking your pay, the harder it is to piece together your work history to check if you are entitled to be on a particular point, particular if you had subbing hours anywhere along the way.

Anyone will answer your question in the staffroom. Everyone has had to figure it out at some point along the way. If you don't know what you are earning you can never question if what you are earning is correct.

Teach30 · 04-08-2020 3:42pm

rainbowtrout wrote: »

:eek::eek::eek::eek:

But everyone who works is an employee!!!

The longer you go without checking your pay, the harder it is to piece together your work history to check if you are entitled to be on a particular point, particular if you had subbing hours anywhere along the way.

Anyone will answer your question in the staffroom. Everyone has had to figure it out at some point along the way. If you don't know what you are earning you can never question if what you are earning is correct.

I was semi taking the mick. I won’t lie I always assumed that the dept would get it right? Is that not their job. Seriously though for people like me it would be of great benefit if this was included in teacher training. I never though to question it.

Teaching was the first job I ever had and I genuinely assumed the payroll people would have to get it right.
As for asking in staffroom I’d be far too mortified, even here I still don’t understand the pension thing, where does the 80 number come from?

I really appreciate everyone helping me but I could do without the your so silly tone. I know I am and I’m trying to fix it. I don’t care if I’ve missed out on money And tax credits all along thats my own fault but I’m trying to amend things now. Thanks for trying to help me all the same

Teach30 · 04-08-2020 3:48pm

Geuze wrote: »

If this is correct, and you are getting just 1650 tax credit, then something is wrong, and you will have to do tax returns for past years.

To double check, what are your tax credits and SRCOP on your payslip?

Ok so on my payslip it says on one line
Tax credit 126.92 and cut off point is 1357.69 and on the built underneath it’s
Tax credit 1650 and cut off point is 17650.00

Tax return is foreign to me..

am_zarathustra · 04-08-2020 3:58pm

Ok from this I assume you are paid every 2 weeks so can you tell me what your gross pay is? I can work the increment you are on from that. Gross pay is what you get before tax

Then if you include your net pay I can roughly guess if the tax is right. You have 2 tax credits of 1650 and your cut off is wrong or for something else, not PAYE anyway. Also are you currently full time?

Teach30 · 04-08-2020 4:05pm

am_zarathustra wrote: »

Ok from this I assume you are paid every 2 weeks so can you tell me what your gross pay is? I can work the increment you are on from that. Gross pay is what you get before tax

Then if you include your net pay I can roughly guess if the tax is right. You have 2 tax credits of 1650 and your cut off is wrong or for something else, not PAYE anyway. Also are you currently full time?

Hi thanks yes I’m full time.
Total earnings is 2310.19 and yes paid fortnightly.
Net pay is 1472.47

rainbowtrout · 04-08-2020 4:10pm

Teach30 wrote: »

I was semi taking the mick. I won’t lie I always assumed that the dept would get it right? Is that not their job. Seriously though for people like me it would be of great benefit if this was included in teacher training. I never though to question it.

Teaching was the first job I ever had and I genuinely assumed the payroll people would have to get it right.
As for asking in staffroom I’d be far too mortified, even here I still don’t understand the pension thing, where does the 80 number come from?

I really appreciate everyone helping me but I could do without the your so silly tone. I know I am and I’m trying to fix it. I don’t care if I’ve missed out on money And tax credits all along thats my own fault but I’m trying to amend things now. Thanks for trying to help me all the same

They are human, they make mistakes, someone can type a date in wrong, choose the wrong option from a drop down list on a computer system. This is why you have to check to make sure it's correct and get it fixed if it isn't.

With regard to the highlighted bit above. You are an adult, and should be capable of looking after yourself and learning to read a payslip and ensuring you are paid correctly is one of those things. Anyone that starts off new in our staffroom asks around in the first few months for information on their payslip and who to contact if they have questions, it's about taking responsibility for yourself. There's no point just leaving it and saying 'I've no clue of maths lol'. If you left school at 16, and were stacking shelves in a supermarket, you would get a payslip and you would be checking it to see if you got paid for the correct number of hours and if you got paid the right amount for overtime.

My first payslip 19 years ago, I didn't know what the terms meant on it, and there wasn't widespread access to internet in 2001 so I couldn't just google it. I nipped into the principal to ask. She said she didn't want to look at what I was earning to give me some privacy, I just told her I wanted to know what the various deductions meant etc, and she told me, and that was that.

If my pay is out by €5, I'll be checking my payslip to see why. It's not about the €5, I want to know why it changed and if it's a mistake.

Teachers are due a pay rise of 2% on the 1st October. That will be applied to the common pay scale, not the allowances, so I can calculate what the new value of my point on the pay scale will be. I would also be expecting to see my pay rise slightly in my payslip in mid October as a result, and if it doesn't I'd be asking other people in my staffroom if theirs changed. If they haven't, I know it's a delay at payroll's end and I will check again in the next payslip at the end of October, if mine hasn't changed and everyone else's has (unlikely) then I would know to check with payroll.

And in terms of what I'd be expecting. A 2% payrise at the point on the scale where I am is about an extra €1200 annually. So across 26 pay days that's approximately €46. At least half of that will be gone on tax. So I can expect an increase in my pay in October of in and around €23 per fortnight. It won't be exactly that, but it won't be far off.

Reading a payslip does not require training at third level, and it's not the lecturers job to do that.

The 80 comes from the fact that your pension is calculated by you receiving one-eightieth of your salary for each year that you work. You work 30 years, you get 30 eightieths.

Financial advice for teachers

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