Giving up or opting out of a Teacher’s pension is not usually a great idea except in certain circumstances, especially if that pension is a rare and valuable Final Salary Pension.
Even if it’s not, many teacher’s pensions are gold-plated Defined Benefits pensions: pensions that are recognised for their desirable qualities such as a more secure income in retirement – one that keeps pace with inflation.
If you were persuaded to transfer your teacher’s pension then you may have received negligent financial advice, and may be able to make a claim for the loss of benefits, money and potential risk you have more than likely exposed your retirement fund to.Speak with a Claims Handler
Generally, this comes down to risking what you’ve got for not much gain. While you may have received a temptingly high transfer valuation (the value of your pension if you transferred it), this may still be much less than what your Teacher’s Pension might be worth in retirement if you had left it where it was.
What’s more, is many Teacher’s final salary schemes come with excellent death benefits, such as supplying your spouse with a large share of your pension should you pass away earlier than expected.
Final salary pensions are index-linked too, which means what you’ll get in the future when you come to draw it will be increased inline with inflation, meaning you’ll be getting more bang for your buck by staying in.
Last, but no means least, all the risk and responsibility of running the pension scheme rests on the shoulders of the local councils that fund the schemes, not you.
By transferring to a personal pension, you’re on your own.
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Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations.
While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped: