Planning for Retirement
A cottage by the sea where the grandchildren can visit? A holiday apartment overlooking a sun-drenched Mediterranean bay? We can all dream of an idyllic retirement, but the only way your dreams can turn into reality is if you start planning for retirement early. It’s no secret that the credit crunch is putting a strain on people’s ability to save, but allocating part of your salary for your retirement is extremely important if you want to be financially secure when you decide to bid farewell to working life.
One of the key benefits offered to teachers is the Teachers’ Pension Scheme. Available to all teachers, it is a final salary scheme through which your employer makes substantial contributions. When you retire, you will be entitled to the basic state pension plus your teacher’s pension.
All teachers are automatically members of the scheme unless they opt out. If you joined after 1 January 2007, you can choose to have part of the pension paid as a lump sum. Members who joined prior to this date will automatically receive a lump sum on retirement.
So, what can you do with this lump sum to maximise your retirement fund? It’s a good idea to explore investment options, which can provide you with a monthly income or can lock your money away while you watch it grow. Many people opt for some kind of life assurance, too, so that loved ones are protected in the event of your death.
Teachers Building Society offers a specialist, confidential financial planning service through its wholly-owned subsidiary TBS Financial Services Ltd (TBSFS). There are many investment options available and TBSFS has a full range, which can be tailored to meet your needs and attitude to risk.
If you would like more information or a no-obligation consultation, please call 0800 378669.
For more information about the Teachers’ Pension Scheme visit www.teacherspensions.co.uk.
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