Teaching Staff
The Teachers’ Pension Scheme is a contributory, contracted out scheme administered by Teachers' Pensions on behalf of the Department of Education (DfE). The scheme not only provides benefits on retirement but also gives financial protection to your family or other dependants when you die.
The TPS is a statutory scheme subject to the Teachers' Pensions Regulations 1997 (as amended). Following regulation changes in 2007 all teachers are automatically members of the scheme on appointment unless they have made a formal ‘opt out’ election.
Employees’ contributions are deducted direct from salary.
Changes to Teachers’ Pensions 2015
From 1 April 2015, the Teachers’ Pension Scheme arrangements will be both career average and final salary. Please see Factsheet 1.
If you are an active member of Teachers’ Pensions you will have been building up benefits since joining the scheme. The benefits that you have already built up will be protected and will remain in the final salary arrangements.
To ensure that you are aware of the changes from 1 April 2015 and to ensure you know what to do, Teachers’ Pensions have produced a suite of tools such as videos and factsheets to inform you about the changes and how they may impact on you, if indeed they will. The videos and factsheets can be found on the Teachers’ Pension website www.teacherspensions.co.uk/change2015
What will happen to your future benefits after April 2015?
As part of the changes there will be different ‘member types’, you need to identify which ‘member type’ you are, please see Factsheet 2. The member type will define whether you remain in final salary arrangements or if you move into career average arrangements and if so, when. When you know your member type the Teachers’ Pension videos will help you to understand how the changes will impact on you as either a protected, tapered or transition member.
‘Protected Member’
If you were within 10 years of your Normal Pension Age on 1 April 2012, you’re a protected member.
‘Tapered Member’
If you were between 10 and 13.5 years from your Normal Pension Age on 1 April 2012, you’re a tapered member.
‘Transition Member’
If you were more than 13.5 years from your Normal Pension Age on 1 April 2012, you are a transition member.
Please take time to visit the dedicated Teachers’ Pension websitewww.teacherspensions.co.uk/change2015 click into ‘member hub’.
Additionally,
- sign up to My Pension Online to enable you to check and view your pension record
- we recommend that you check your member prints to ensure that your service details are correct,
- ensure that your nominations are up to date, https://www.teacherspensions.co.uk/members/resources/forms.aspx
- look at the attached Flexibilities Factsheet 7, which provides information on faster accruals.
Teachers’ Pensions have also produced additional factsheets outlining Ill health arrangements, Bereavement and Nominations, Retirement, Breaks in Service and Transfers. Please refer to their website for up to date information.
If you have any queries, please go to the Teachers’ Pension website Teachers Pensions website. or phone Teachers’ Pensions on 08456 066 166