Teacher's Superannuation

[chrissa1]

I've just found out that I'm entitled to One day's Superannuation that I earned back in 1987.

Can anyone tell me how much this would be worth?

[MallyJ]

One days contribution to a pension?? That will be related to how much you were earning at the time........ I don't understand how that would work ..... All my superanuation payments went towards my pension but there was nearly 40 years of that. I can't imagine one day will make ahuge amount of difference!! But do spend it wisely!!!!

[chrissa1]

Ha ha. :) me neither, Mally. I worked for a year hit according to the Northern Ireland Pensions, the years work didn't attract Superannuation, but a one day's supply teaching, did.

[EDDIE51]

About 10p a year at a guess!

[fiction-factory]

Miles out , eddie. I reckon that based on a 40/60th's scheme and assuming you got paid 1/200 of the annual scale figure for your day, it will be worth £2.50 a year.. You should be able to take a lower amount plus a lump sum of circa £10 tax free

[chrissa1]

They sent me a form to claim it, so for the hell of it, I might just fill it in and send it back. Shy bairns get nowt, as we say up here.

Cheers.

[MallyJ]

Well things are looking up.......spend carefully and put some aside for a rainy day.......you certainly don't want to blow it all at once...You could talk to a financial advisor or put it in a safe account until you have decided........or just go mad and buy a cup of tea and a bun to celebrate your good fortune....... Above all enjoy!!

[chrissa1]

Hahaha!!!!!! :))))

[RobNorth]

Don't spend it all until you have assessed your tax liability on it...

[chrissa1]

:))) RobNorth.

[thugulike]

if you have less than 2 years FT service they will repay your contribution

[fiction-factory]

Can you go back that far though or do you have to do it in a certain time frame, thugulike? I think the contribution at 1987 salary rates would have been about £5 and some tax and NI would be deducted so maybe only £4 net