Newly Qualified Teachers
Everything you need to know about your pension scheme and more!
Bottom Line the Department of Education or ETB want 40 years’ service from you, it is also capped at 40 years!
WHEN CAN I RETIRE?
If you started after 1st January 2013, you are on the Single Public Service Pension Scheme
The Normal Retirement Age (NRA) aligns with the State Pension Age, but you can opt for Cost Neutral Early Retirement starting at 55. Retirement becomes compulsory at 70, and you are eligible for the State Pension.
Despite having a full 40-year tenure, relying solely on this pension may not suffice. Considering Additional Voluntary Contributions (AVCs) or other retirement strategies is advisable. While winning the lottery isn't a reliable plan, it's crucial to start retirement planning early in your career. Remember, it's a marathon, not a sprint.
Remember, you're not just starting a career; you're beginning a lifelong adventure. With a dash of financial wisdom, a pinch of budget magic, and a sprinkle of thoughtful planning, your financial journey as a new teacher can be as rewarding as the lessons you impart in the classroom.
What you need as an NQT
So, picture this: Income protection insurance, or as I like to call it, your safety net for life's unexpected plot twists. It's like having a financial guardian angel that swoops in when illness or disability puts a wrench in your work plans. These payments keep the cash flowing until you're back in the game or ready to kick back in retirement.
Think of it as your financial sidekick, covering up to 75% of your salary to keep the lights on and the mortgage monster at bay, all while sparing your precious savings. With salary protection insurance, you can focus on fighting off those germs or healing those broken bones without the added stress of money woes. And hey, the payout party starts after a brief hiatus from the daily grind, usually around 13 weeks. So, take a breather, heal up, and let your income protection insurance do the heavy lifting while you plot your triumphant return to the workforce!
Avc
An Additional Voluntary Contribution (AVC) is a tax-efficient way to fund extra income when you retire. At retirement, you can use the money invested in an AVC to buy the additional pension benefits you want, subject to Revenue rules.
Alright, buckle up for the pension adventure! If you're in it for the long haul - a whopping 40 years, no job-sharing escapades, and definitely no career-break shenanigans your yearly pension before State pension will be calculated on cumulative basis which means every day you go to work adds to your pension amount and lump sum therefore it is impossible to give accurate figures as we don't have a crystal ball just yet!
We can however give averages and guidance based on your own circumstances.
Budgeting
Budgeting is one of those things that many of us want to do, but rarely find the time to sit down and do.
What is budgeting anyway? A budget is a spending plan! Yes, a spending plan I used to think it was all about what I wasn’t allowed to spend, and I winged it week to week for far too many years! That is until Dave showed me this system, when I saw it first, I was like NO! Nope, I am not looking at a spreadsheet, but he talked me around and it has changed my life!
Find out more here
Mortgage Protection
What exactly is mortgage protection? It's your home's guardian angel. In the unfortunate event of your passing, it steps in to clear your mortgage, ensuring your loved ones can stay secure in their home. It's essential coverage, starting from the moment you purchase your home until the day your mortgage is fully settled. Here's how we've got your back...
Find out more here
Life Insurance
Life insurance, what's the scoop? It's like a safety net for your loved ones and a ticket to peace of mind for you. Picture this: a lump sum payout when you shuffle off this mortal coil, ensuring that your nearest and dearest are financially snug no matter what life throws their way. With us, it's hassle-free - affordable premiums and time-saving solutions, so you can focus on living your best life.
Find out more here
Specified Illness Cover
Specified Illness Cover: your ultimate backup plan when illness strikes. Get a lump sum payout if you're diagnosed with any of the specified illnesses listed in your policy. Here's how we've got you covered....
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