Teachers forced to opt out of generous pension schemes, costing them £8k for every lost year

Experts have warned of a looming “retirement income crisis” in the teaching profession as the number of teachers opting out of their gold-plated pension scheme for financial reasons shot up by 77 per cent last year as higher bills, mortgage rates and food costs made it unaffordable for many to contribute.
Figures from the Department for Education obtained through a Freedom of Information request show 12,824 opted out of the Teachers’ Pension Scheme (TPS), one of the most generous pension schemes in the country. This was between April 2022 and March 2023, with three-quarters (9,199) saying they were doing so to save money. This represents a significant increase from the year before, when 8,106 left the scheme, with 5,193 doing so for financial reasons.

https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/sliding-debt-teacher-opting-out-gold-plated-pension-scheme-2376979

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