Teachers' Pensions
New to Teaching - Elaine, 28

New to Teaching - Elaine, 28

Elaine is a 28 year old full­time teacher at a high school in the North East of England. As the Teachers’ Pension Scheme has been the default option for her, she hasn’t given it much thought up until recently.

Elaine has been in the Teachers’ Pension Scheme from the get go, largely, she says, because everyone she knew told her not to opt out. Newly married to another teacher, neither she nor her husband had given much thought about their pensions:

“We were pretty clueless to be honest, as neither of us could really see the point since it’s such a long way into the future. We didn't know how it worked, all we know is what is taken off our pay, which we don't really mind as it’s money we haven't had from the start.”

We didn’t know how it worked, all we know is what is taken off our pay.

“Saying that, we do know we need to become more involved with it and since we registered with the new site I have found myself getting more and more curious. The online calculators are a bit addictive as you can play around with different variables. For a woman it’s particularly interesting as we are more likely to take time out to have a family and that will have an impact. It’s also pretty motivating to see what a promotion will do for your financial future!”

“When I signed in to My Pension Online, my years of service were actually wrong, so I was able to flag that up and have it corrected. Since we are reliant on our employers providing the scheme with the right information, it’s good to know you can keep an eye on that ­ particularly if you move jobs a lot.”

Since we registered with the site I have found myself getting more and more curious.

“It’s all still a bit too far away for me to attach any real significance to the end number at the moment. Changes over the last few years have taught us that so many things can and will change during the next few decades, which is how long I will have to work before I retire!”

“However, now I’m online and because of the facilities that are available, we will definitely be using them more ­ especially at times when we come to buy a house or make significant life decisions.”

Want to explore what your pension could be based on your contributions, like Elaine?

  • If you're curious about how your contributions could affect your pension, our online pension calculators easily let you try out different options, no paperwork required.
  • To see exactly what's going on with your pension, your Annual Benefit Statement and more, register for My Pension Online. Or, if you’re already registered, sign in today.
Last Updated: 25/07/2019 10:53