Tens of thousands of teachers will benefit from the Teachers’ National Stakeholder Pension Scheme, which has just been launched.
The scheme, set up by 15 teaching associations under the TUC’s Stakeholder Pension Scheme, is designed to supplement the benefits of teachers earning under £30,000-a-year on the existing Teachers Pension Scheme.
“The teachers’ National Stakeholder Pension Scheme will help many teachers save in a cost-effective way for a more comfortable retirement. It can also be of particular benefit to people who started their teaching career later in life and who will not be able to build up entitlement to a full occupational pension,” said John Monks, the TUC’s general secretary.
The scheme’s benefits include tax-free lump sums of up to 25 per cent of pension funds and starting contributions from £10.