Teacher's pension and changing jobs

cassette

Registered User
Messages
12
Hi all, looking for any advice or points to consider on this- all help appreciated.

Partner has been a teacher for 18 years, currently early 40s. He has just been offered a new job in a different sector- a salary increase is anticipated but not sure to what degree yet. We're wondering what we need to consider regarding his teacher's pension if he goes ahead with the new position. I think he can keep making contributions at full actuarial cost if he takes a career break, but I'm not really sure what this means in terms of cost or whether it's the best option. Perhaps he should be leaving the teacher's pension as is and looking into other options? Obviously the salary increase would allow room to consider that. The current offer is of a 1 year contract.

Thanks for any help you can offer on this
 

xoxoxo

Frequent Poster
Messages
102
Is he leaving his teaching position Cassette or taking a career break?
If he can at all take a career break to see how his new position unfolds, that would be wonderful. Far away hills are not always greener! I am going back to teaching after leaving for a number of years to pursue a different career. I was a v young teacher when I left so just started a new pension with new company.
Very best of luck to your partner.
 

noproblem

Frequent Poster
Messages
1,824
I have close family in teaching, national school teaching. I could say a bit about where the profession is going and how difficult it has become. But my advice to you would be to contact someone like Cornmarket who deal an awful lot with NT's and as far as I know you will get a free and fairly thorough financial makeover as regards pension, etc, with no obligation to do as they say. Some will say their products, commission, etc, is expensive but you don't have to buy as I said and the advice will be good in my opinion. Certainly better than what you "might" get here
 

cassette

Registered User
Messages
12
Hi, thanks both of you for your replies. Yes, he is taking a career break as it is initially only a one year contract on offer. He is already with Cornmarket, so a good idea to get in touch with them. I suppose my questions were about whether it is worth maintaining his existing pension currently although it will be more expensive to do so, or whether he should explore other options. This is not our area of expertise!
 
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