Who would have been a teacher during the pandemic?
Living on the frontline
Most outsiders thought the teaching profession had it easy because the schools were closed. However, they weren’t really. The keyworker children and those who were vulnerable were still in school. Also, teachers were obliged to offer online lessons and resources to be done at home.
Consequently, while under fire from parents everywhere because of the challenges of home-schooling, teachers had to work even harder than before. All previous resources that worked in the classroom needed rewriting, and online lessons required an intense level of planning and presence.
Then, on return to school, all the routines changed, and there was a need to implement social distancing, staggered timings, the chance that whole year groups would be sent home, testing regimes and a personal sense of vulnerability in close social contact with so many individuals.
It is likely that the idea of leaving teaching has passed through the mind of many professionals in schools. But what are the financial consequence of leaving?
Talents better used?
Teachers are multi-skilled and will likely find other employment. However, the Teachers’ Pension Scheme is generous, and you could be opting out by leaving pensionable service. You could need to consider what other pension contributions you could make to other schemes, helping towards ensuring you are financially comfortable when you eventually retire. If you leave pensionable service for less than five years, your arrangements within the Scheme should remain unchanged. However, there are consequences for leaving service for more than five years, which you might want to discuss with an independent financial advisor.
While right now the impulse to walk away from your career might be high, it may be an option to sit down and consider the longer-term financial consequences. Your decision to leave might be the same, but how you plan for your financial security may be impacted by these considerations.
Everyone at Teacher Financial Planning would like to celebrate the effort of our teachers. We appreciate the challenges you have faced have been monumental, and you are appreciated. Before making any decisions based on this awful year, remind yourself of what you loved about your profession from Pre-Covid years before walking away.
The content in this article was correct on 28th March 2021. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on your Teachers’ Pension Scheme. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.