UK pension - is it worth paying into? - Page 2 - Ajarn Forum

ellroy · 25th May 2008, 21:59

Quote:

Originally Posted by Jon

Very cynical view, but sadly true.
I think in some countries if you get fees paid for teacher training or other higher education you might be under some kind of contract to work a few years in return. In the UK there is no such contract, so people will do what they want, and that includes buggering off overseas with no intention of paying back the loans. I don't think the UK govt should make it so easy for people to do this, but while it is possible it will be done by many

The percentage of people moving overseas post-PGCE is minute in the grand scheme of things, so it's of no great concern to them (I did see some figures for this on TES, which I'll try and dig out). Anyway, you're assuming that some sort of social responsibility/justice is still at the heart of education. Gone long ago, I'm afraid; it's about filling quotas and hitting targets, in which PGCE training providers are no different from the prevailing orthodoxy. Given that education has been opened up to the free market like everything else, I don't see why there should be any sort of distinction between teaching and any other profession.

It's worth noting that if education policy actually attempted to remedy some of the ills that are forcing many teachers to quit due to stress, the govt wouldn't have to go down this recklessly expensive recruitment path in the first place. But, I suppose, that would be tantamount to admitting failure, which is obviously never going to happen.

Jon · 26th May 2008, 00:14

Your assumption of my assumption is wrong. I'm not talking about morals in education, I'm just talking about the paying back of loans for education

naboo · 19th June 2008, 04:10

Quote:

Originally Posted by naboo

I'm going to leave it in there until I've decided whether or not I'd return to the UK. It would be worth keeping to transfer or if I return in aged 40, I could pay in for 20 more years and end up with a decent percentage of my final salary. If I choose not to return, I can withdraw what will be over a £1000 whenever I wish, it won't have cost me anything.

Just looked further into this, you can only withdraw your contributions if you have less than 2 years contributions. The alternatives are to transfer to another pension or wait until NTA which for me is 60, for anyone joining now is 65.

I need to make a decision, i think it will involve withdrawing the cash now (1 year 10 months contributions).

samsara · 19th June 2008, 05:03

whoever said pensions are a waste of time was right. when you have the money, start your own damn pension. you can do it anywhere in the world. dont let the govt borrow your money and get nothing/something minimal back.

as for student loans...well, defer them until the answer becomes readily apparent.

Jon · 19th June 2008, 06:27

Quote:

Originally Posted by naboo

I need to make a decision, i think it will involve withdrawing the cash now (1 year 10 months contributions).

Do you have to decide now, or can you freeze it, and then make that decision when you best know whether you'll return to teaching, or even return to the UK and possibly transfer it to another pension? When you're older, all those little bits add up. I transferred my teacher's pension of 15 months into my current occupational pension when I switched careers. It only got me 156 days, but that's better than having pissed the money up the wall.

latm · 19th June 2008, 08:11

Quote:

Originally Posted by samsara

whoever said pensions are a waste of time was right. when you have the money, start your own damn pension. you can do it anywhere in the world. dont let the govt borrow your money and get nothing/something minimal back.

That is probably true for those with the financial discipline to actually save and invest adequately. However, for many (probably most) people, that is something that simply doesn't happen. Without Social Security or whatever other program one is talking about many, many people would end up with nothing.

Jon · 20th June 2008, 09:22

Trouble with your own pension is nobody else contributes to it, unless you're a resident and get tax relief. Many govt pensions in the UK are very good, and if there's a possibility you might rejoin the scheme in the future you should think long and hard before cashing in your contributions.