Teacher pension

Old May 6th 2009, 2:46 am
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Default Teacher pension

Myself and my husband have both been teaching in the UK for 15 years and paying into the Teachers Pension FUnd, now that we have emigrated to Aus ahtw is the best thing to do with our UK pension, can we cash it in? Leave it there and claim it when we turn 65 or do we need to move it to a pension fund over here?
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Old May 6th 2009, 6:44 am
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Default Re: Teacher pension

Originally Posted by Howard Jenings
Myself and my husband have both been teaching in the UK for 15 years and paying into the Teachers Pension FUnd, now that we have emigrated to Aus ahtw is the best thing to do with our UK pension, can we cash it in? Leave it there and claim it when we turn 65 or do we need to move it to a pension fund over here?
1. You can't cash it in.
2. You can leave it there and claim when you reach retirement age (This is actually 60 not 65 as you seem to think. And you can choose to access retirement benefits from age 55).
3. You can move it to a pension fund in Aus.

Bear in mind that the Teachers' Pension Fund is a defined benefit scheme. As a government pension scheme, the pension you will get from it is index-linked. And it has many more benefits - too many to list here (ask the administrator to send you an updated booklet - they revised it from 1 Jan 2007).

With 15 years' membership in the scheme, you'd be mad to transfer it into an Australian superannuation fund and leave yourself open to the uncertainties of the stock market! Leave it where it is!!!
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Old May 6th 2009, 7:56 am
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Default Re: Teacher pension

A thread has been going for a while under the teacher section on pensions have a look its quite interesting
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Old May 6th 2009, 9:13 am
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Default Re: Teacher pension

Originally Posted by ozhappy981
With 15 years' membership in the scheme, you'd be mad to transfer it into an Australian superannuation fund and leave yourself open to the uncertainties of the stock market! Leave it where it is!!!
What about the tax implications when the time comes to claim the pension?
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Old May 6th 2009, 9:41 am
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Default Re: Teacher pension

Originally Posted by Australia_bound?
What about the tax implications when the time comes to claim the pension?
You list your occupation as "Residential support worker". I take it you are not a member of the "Teachers Pension Fund" then? Probably why you are
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Old May 6th 2009, 9:40 pm
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Default Re: Teacher pension

Originally Posted by ozhappy981
You list your occupation as "Residential support worker". I take it you are not a member of the "Teachers Pension Fund" then? Probably why you are
No but my OH is a Teacher, so do have a vested interest
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Old May 6th 2009, 11:19 pm
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Default Re: Teacher pension

Originally Posted by Australia_bound?
No but my OH is a Teacher, so do have a vested interest
O.k. Look at how many years' contributions he has. The OP had 15 years. If your OH has up to five years, I'd say look a bit more at the pros and cons of leaving it in the UK vs transferring it over (transferring it is likely to be the better bet).

The more years you have in this scheme the more the balance tilts for leaving it in the UK. With 15 years - as I said before - nuts to transfer it.
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Old May 7th 2009, 12:19 am
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Default Re: Teacher pension

Originally Posted by ozhappy981
O.k. Look at how many years' contributions he has. The OP had 15 years. If your OH has up to five years, I'd say look a bit more at the pros and cons of leaving it in the UK vs transferring it over (transferring it is likely to be the better bet).

The more years you have in this scheme the more the balance tilts for leaving it in the UK. With 15 years - as I said before - nuts to transfer it.
I've got 8 years and I'm leaving it in. At least it's something guaranteed - albeit a small amount.
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Old May 7th 2009, 12:27 am
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Default Re: Teacher pension

Originally Posted by ozhappy981
O.k. Look at how many years' contributions he has. The OP had 15 years. If your OH has up to five years, I'd say look a bit more at the pros and cons of leaving it in the UK vs transferring it over (transferring it is likely to be the better bet).

The more years you have in this scheme the more the balance tilts for leaving it in the UK. With 15 years - as I said before - nuts to transfer it.
Totally agree. Such pensions are like gold dust nowadays.

Final salary or defined benefit schemes should not be given up lightly....especially if you have a few years in.

I just recieved notification (yesterday) that I have had a 5% increase in mine

G

Last edited by Grayling; May 7th 2009 at 12:30 am.
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