The pension scheme was excellent then became very good and now in it's third incarnation which I would describe as "better than most"
For each year you work, you receive 1/57th (one fifty seventh) of your salary. This will cost you about 8% of your salary. So if you were on £35,000, it would be about £262 per month deducted from your salary (before it is taxed)
The benefit: If you were on a salary of £35,000 and worked for 1 year, you would receive an annual index linked pension from the age of 67 of £614 per year or £6,140 after 10 years service.
College's have charitable status and are financed by the education department. They are roughly aligned with schools.
My understanding is that all pensions work in a similar fashion but the Teacher/Lecture/Instructor pensions are index linked which during times of high inflation (as we have just experienced) is a very bonus.
Here I am on a plumbing forum talking about Teachers Pensions ! I really don't mind because in the short time I have been on this wonderful forum I have received excellent and polite responses to my, sometimes dumb, questions
Good luck.
For each year you work, you receive 1/57th (one fifty seventh) of your salary. This will cost you about 8% of your salary. So if you were on £35,000, it would be about £262 per month deducted from your salary (before it is taxed)
The benefit: If you were on a salary of £35,000 and worked for 1 year, you would receive an annual index linked pension from the age of 67 of £614 per year or £6,140 after 10 years service.
College's have charitable status and are financed by the education department. They are roughly aligned with schools.
My understanding is that all pensions work in a similar fashion but the Teacher/Lecture/Instructor pensions are index linked which during times of high inflation (as we have just experienced) is a very bonus.
Here I am on a plumbing forum talking about Teachers Pensions ! I really don't mind because in the short time I have been on this wonderful forum I have received excellent and polite responses to my, sometimes dumb, questions
Good luck.