I have worked in the public service (Primary School Teacher) for 9 years (all pensionable service) and am now considering starting a company in the next 3 to 4 years.
I am 33 years of age. However, I am not sure what my options are regarding my pension.
As I am in a defined benefit scheme, a lot will depend on my final year salary with the Department of Education.
I wonder if anyone could answer some of the following questions:
If I leave in 2010 and then retire in 2033, will my pension be based on my exit year salary 2010 (50000-55000) or will it be adjusted for inflation to the salary scale of 2033.?
Can I/Should I buy back some years through AVCs before I leave?
If I re-enter the profession for one year- lets say the year before I am due to retire, will my pension be based on this year’s salary or is it taken as an average of a greater number of years?
Would I be better off to bring the pension with me and add it to my Company Director Pension Scheme or should I leave it as it is?
All comments/insights/suggestions would be greatly appreciated!
Thanks guys/gals.
I am 33 years of age. However, I am not sure what my options are regarding my pension.
As I am in a defined benefit scheme, a lot will depend on my final year salary with the Department of Education.
I wonder if anyone could answer some of the following questions:
If I leave in 2010 and then retire in 2033, will my pension be based on my exit year salary 2010 (50000-55000) or will it be adjusted for inflation to the salary scale of 2033.?
Can I/Should I buy back some years through AVCs before I leave?
If I re-enter the profession for one year- lets say the year before I am due to retire, will my pension be based on this year’s salary or is it taken as an average of a greater number of years?
Would I be better off to bring the pension with me and add it to my Company Director Pension Scheme or should I leave it as it is?
All comments/insights/suggestions would be greatly appreciated!
Thanks guys/gals.