009 Teachers' Pensions - The things you need to know
Does your teacher's pension confuse you? Do you have questions about it, but aren't sure where to find the answers? if so, then have a listen to the Your Money Sorted podcast. This is an informal chat to help demystify some common confusions around the teachers' pension schemes. Eileen Adamson chats to Kevin from Weslyan about the things that all teachers need to know about pensions.
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In this episode, we are joined by Kevin Boyle from Wesleyan Assurance to help us demystify some terms that often confuse teachers when they're discussing their pension.
As a Senior Area Manager, Kevin manages a team of specialist financial advisers across Scotland and Northern Ireland who provide financial advice to teachers and other education professionals.
Be informed as you listen to our interesting discussion about pension scheme enrollment, the benefits, the difference between the Final Pay Scheme and the Care Scheme, the normal pension age, and how to make sure that you don't have good years of pension missing.
[00:02:30] Pension Scheme for Teachers Explained
[00:04:30] Pension Scheme Benefits
[00:07:30] The Final Salary Scheme and the Care Scheme Compared
[00:13:00] Work out various scenarios through your pension website's calculator
[00:15:00] How much pension would teachers who are working part-time expect?
[00:16:30] What happens if you pause your pension for a few years?
[00:17:30] Missing a few pension years. What can we do about this?
[00:20:00] Do we need to keep working until we reach our pension age?
[00:23:30] Early Retirement Penalty
[00:26:00] At what stage would teachers contact their financial advisers?
If you would like to arrange a chat with Wesleyan, then you will find their details below:
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Hi, I’m Eileen Adamson, teacher, money coach and co-host of BBC podcast Clever About Cash. I help female teachers to become happier, healthier and wealthier.