Financial Planning for Supply Teachers

Featured article submitted by Teachers Assurance for our Financial Planning series


What benefits do I get as a supply teacher, and how should I be planning my finances for the future?

With financial education part of the National Curriculum from 2014, it’s more important than ever that teachers equip themselves with a sound financial knowledge. For supply teachers, it can often be difficult to understand what benefits you will receive, and how you can be planning today for the future you’d like later in life.

Teachers Assurance - Financial Information for Supply Teachers

The following Q&A tackles a few questions that we at Teachers Assurance hear a lot from supply teachers thinking about their future finances.

Can I join the Teachers’ Pension Scheme?

As a supply teacher paid by a Local Education Authority, you will be able to contribute towards the Teachers’ Pension Scheme. If you are paid through a supply agency, you will have your own payroll systems which may offer a stakeholder pension, but will not be part of the Teachers’ Pension Scheme.

What benefits will I get from joining the Teachers’ Pension Scheme?

Joining the Teachers’ Pension Scheme will allow you to contribute in return for a pension at retirement, which is based on your salary and length of service. In addition to your contribution, your employer will also make a substantial contribution towards the cost of your benefits, and the Scheme will provide you with a guaranteed, regular income for the rest of your life. This income is also index-linked which will protect its value against the effects of inflation.

I’m confused about the benefits I get as a supply teacher, how can I find out?

We often find that supply teachers are commonly confused about whether their benefits and options are the same as teachers on regular contracts.

Our unique Financial Education Programme was created specifically for all teachers, including those in supply, who don’t have the time or the knowledge to get to grips with their finances. The Programme includes school talks and financial planning seminars, which can be tailored to meet the needs of supply teachers at all life stages, be that NQT, mid-career or approaching retirement.

I find it hard to balance the books each month, what can I do to relieve this pressure?

Financial pressure is a burden for many teachers, and as a supply teacher it can be even more difficult if you’re not guaranteed a regular income. Preparing for the possible gaps in your income will help you to live comfortably throughout these periods, and cutting back even when you’re feeling flush can help. Think to yourself - do you really need that shop bought lunch every day, or would the £500 you’d save by the end of the year be more beneficial?

How can I make sure that I will live the life I want in the future?

It’s important to remember that throughout the periods you are not employed by a school or Local Education Authority, you won’t be contributing to your pension, and neither will your employer. To help you ensure that you can live the life you desire in the future, consider long term savings and investments as a way of building a nest egg for yourself. These could involve saving small monthly sums over a long period of time, so that you can guarantee a pot of money to live from when you retire or give up work.


Teachers Assurance - Financial Advice for Supply Teachers




Featured article submitted by Teachers Assurance for our Financial Planning series

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