Hi all,
I have recently arrived in australia and have a question about pensions. A brief background about me: I was a primary teacher in the uk from 2008 -2015, until I left this Easter. During that time I worked full time for 3 years, had a years maternity leave, carried on working part time for a year(2 days a week), another maternity leave and then worked 1 day a week for approx. months. I have missed the deadline to transfer my pension over to an oz one. Can anyone please explain what this means for when i retire in terms of my uk teachers pension? I have looked on their website but cant find an answer. In 30 years time, when i retire, will my pension be the same amount as it is now, for example £200/$400 a month or will it go up with inflation? $400 might only buy me a loaf of bread and a pint of milk in 30 years ;-) or will it be even less as I don't know if employers contributions would be paid if i am here?
One of our friends was a public sector worker and said that, if I wanted, I could take my contributions out and get a lump sum now. obviously that would mean that I wouldn't get a teachers pension later in life. But I am thinking if I could take out a lump sum now, that might be more beneficial to me now than waiting for 30 years and potentially getting very small amount each month.
Does anyone know any of the answers to this or could they point me in the right direction on how to find out?
Also, I have worked since I was 16 years old in either part time or full time except for a few years when travelling or at uni, do I still get to claim a state pension for the UK?
sorry for all the pension questions, I'll admit I'm pretty clueless when it comes to any pension business.
thanks PIO