If you’ve reached the stage in your life where you realise you won’t be teaching forever and your thoughts have turned to retirement, this pension opportunity may be something to consider.
The IOM Teachers’ Pension Scheme allows you make extra contributions to increase the pension you will receive from the Government. In our opinion, the numbers are attractive and worth considering. This is the only IOM Government scheme that allows members to buy extra pension on top of what they are accruing through service.
For example £10,000 contributed would see extra annual income in retirement of 8-9%. We also understand that you would get tax relief on this contribution. In other words you would receive up to £2,000 of the 10,000 contribution back in your annual tax return. Final point; we don’t expect this to be around forever.
For more information please refer to following link, where you will also find contact details for the Scheme if you wish to consider this further.
Chartered Financial Planner
John specialises in advising Thornton clients on all aspects of their retirement planning. He is a Chartered Financial Planner and Trust & Estate Practitioner.
About Thornton Chartered Financial Planners
Established by Managing Director, Sharon Sutton in 2000, Thornton is a Chartered Financial Planning Firm providing Multi-jurisdictional Financial Planning Advice and Regulated Investment Advice to private individuals, trustees and business owners on the Isle of Man and in the UK.