Information for members of the Teachers' Pension Scheme
The Teachers' Pensions website contains guidance for employers and detailed information for teachers and lecturers including a facility to access an estimate of retirement benefits.
Teachers' Pension Scheme (England and Wales): First-Class, Adaptable,
Sustainable
Revised scheme arrangements offering greater
flexibility and scope for retirement planning for both new and existing members
were introduced on 1 January 2007.
'What do you want to do when you leave school — A Guide to the Teachers' Pension Scheme' is now available to view here.
You can watch via modem or slow , fast and superfast broadband connections.
If you are behind a network firewall, click here to view a flash file of the video. You do need to have the flash plugin.
Teachers' Pension Scheme (TPS) — Actuarial
Valuation Reports
The Department is required to review the assets and liabilities
of the TPS no less than once every four years. The 2004 formal Actuarial Review, as at 31 March
2004, was published by the Government Actuary in November
2006. In the context of costs and liabilities of the scheme for the
following four years, they proposed a revised standard
contribution rate (SCR). Within the framework of a new cost-sharing
agreement between employer and teacher representatives, members pay 6.4
per cent of their salary from 1 January 2007, with employers paying
14.1 per cent. The next scheme valuation will be the 2008 formal valuation
assessment which is likely to report the following year. The Department
also produces a Financial Note (currently the May
2008 version) which summarises the main findings of the report
mentioned above and also provides some additional context.
Last updated: 13 May 2008
