Protect the pre-pensioners

4th July 2003, 1:00am

Share

Protect the pre-pensioners

https://www.tes.com/magazine/archive/protect-pre-pensioners
THE enormity of the impact of a 25 per cent reduction can only be appreciated after doing one or two calculations.

A 50-year-old on pound;28,000pa who still wanted to retire at 60 with comparable benefits would have to save an extra pound;500 a month! The corresponding amounts for a 40, 30 and 22-year-old would be pound;200, pound;100 and pound;50 respectively.

A final irony is that the pension rules would only allow them to save an extra pound;200 a month in additional voluntary contributions.

I worked in financial services for five years and learned the importance of long-term planning to achieve a decent pension.

However, it would be immoral to impose changes on older teachers for whom long-term planning is not possible.

I hope the working party will re-think their proposals and will drop changes to the pension rules for existing teachers. If they do go ahead with changes it is vital that they take into account the exponential effect of age as illustrated by the figures above.

Paul Tomlinson 36 Kilmiston Drive Portchester Fareham, Hampshire

You’ve reached your limit of free articles this month

Register for free to read more

You can read two more articles on Tes for free this month if you register using the button below.

Alternatively, you can subscribe for just £1 per month for the next three months and get:

  • Unlimited access to all Tes magazine content
  • Exclusive subscriber-only articles 
  • Email newsletters

Already registered? Log in

You’ve reached your limit of free articles this month

Subscribe to read more

You can subscribe for just £1 per month for the next three months and get:

  • Unlimited access to all Tes magazine content
  • Exclusive subscriber-only articles 
  • Email newsletters