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.
Joanna Clarke
Teachers Building Society
