Employer pension contributions in the Teachers’ Pension Scheme (TPS) will increase by 7.2 per cent from 1 September 2019 through to 31 March 2023. This has occurred because of the Government’s valuation of the TPS and not because of any improvements to teachers’ pensions for which employers are having to pay.
The increase in employer pension contributions became apparent in September 2018. The NASUWT wrote to the Chief Secretary to the Treasury to protest about the increase and called on it to be fully funded by the Government. The Government has agreed to fully fund the increase for 2019/20 in state-funded schools and the DfE has consulted the NASUWT and other bodies on the methodology for this.
The NASUWT has called for the actual increase in employer costs to be fully funded. The NASUWT’s correspondence with the Treasury and the response to the DfE’s consultation are available at firstname.lastname@example.org.
The increase in employer pension contributions does not affect teachers’ pension contributions or their pension benefits. For information about TPS benefits, members should contact www.teacherspensions.co.uk.
Private schools are not receiving Government funding towards the cost of teachers’ pensions. Further information about private schools and the TPS is available under Other Pensions Resources on the right/below.
You are automatically entered into the Teachers' Pension Scheme if you are a teacher in eligible employment between the ages of 18 and 75.
If you need general information about the Teachers' Pension Scheme, the most comprehensive source is the Teachers' Pensions member hub.
Members approaching retirement should be aware that they need to apply to start drawing their pension three to four months before the date they wish their pension payments to start. More information on applying for the teachers' pension and the relevant claim forms can be found on the Teachers' Pensions application FAQ page.
Retirement Planning Advice
The NASUWT has become aware of organisations which claim to offer teachers advice on retirement planning and charge very high fees for this advice.
Because trade unions are prohibited in law from providing individual financial advice, the NASUWT is in partnership with Wesleyan, which provides members with financial advice on pension changes through personal face-to-face meetings or though ‘Planning for Retirement’ seminars that can be held at your school. If this is of interest to you, please contact Wesleyan on www.wesleyan.co.uk/appointment.