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Week 5: Investing for retirement – planning your pension

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This graph shows how the pensions paid to a teacher and a headteacher have changed as a result of moves from final salary schemes to career average schemes. The teacher started their career on £22k and ended it on £32k. As such, both their final salary and career average pensions would be equivalent to £21k. The headteacher started their career earning £22k, but ended it on £75k. Their final salary pension would be £50k, but their career average pension would be £39k.