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Opt out or stay in?

(6 Posts)
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JackK Fri 10-Jul-20 20:01:40

After 23 years of teaching, I took my Teachers Pension 3 years ago and semi-retired. I've taught for 10 hours a week for the past 3 years and am now ready to take it more slowly.
I've recently accepted a (dream!) post as a teaching assistant starting in September, and assume that it will be a LGPS that I pay into ... if I wish to, that is!
I can't decide what to do - is it worth paying into another pension pot for just five years? (My retirement date is April 2025) Or should I opt out and treat myself to something nice each month instead?! Could you advise me please?!

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B9exchange Fri 10-Jul-20 20:38:31

The local government schemes are index linked, so well worth investing in, especially if you will get five years worth in.

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JackK Fri 10-Jul-20 20:53:56

Thank you for your reply B9exchange, much appreciated

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Charleygirl5 Fri 10-Jul-20 22:53:21

I would definitely pay into another pension as you appear to know it will be for 5 years. My pension is index-linked and I am so pleased I made the effort and worked my 40 years rather than in those days retiring at 55 on a reduced pension.

My NHS salary was not brilliant but my pension has turned up trumps. If you could afford to live on the salary of a teaching assistant I would leave the main pension to grow more. Even a few months would make a difference.

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avitorl Fri 10-Jul-20 23:02:14

Don't opt out. I have regrets about doing something similar and wish I could turn back the clock and start again.

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JackK Sat 11-Jul-20 07:30:26

That's made my decision ... thank you all; I'm staying in in!

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