Employer contributions to the Teacher Pension Scheme (TPS) are due to increase from 16.48% to 23.68% in September this year being an increase of 40%. Private and Independent schools have been granted the ability to leave TPS entirely.
There is continuing consultation on permitting some existing members to remain in TPS but closing it to new entrants but currently, an exit must include all staff. There will be no corresponding rise in employee contributions so the increased financial burden remains with the school.
How can we help?
If your school is affected by these changes or you are considering leaving the TPS, we can support and guide you through the statutory pension consultation requirements for changes to pensions, the consultation required for any changes to terms and conditions of employment and the consequences of employees objecting to any change to their pension benefits.
For further information or advice, please contact Judith Curran, Partner on firstname.lastname@example.org