Every four years the Teachers’ Pension Scheme undergoes a valuation, along with all unfunded public service pension schemes. The Government Actuary’s Department is responsible for the valuation. The purpose is to protect members of the scheme. It assesses the cost of pensions being provided to members and determines the appropriate level of employer contribution moving forward.
The Teachers’ Pension Scheme valuation report has determined that employer contributions will increase from September 1st, 2019. The new rate will increase to 23.6% of contributory pay. The good news is that there was no change made to the overall member contribution rate or the tiered contribution structure
The content in this article was correct on 25th April 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on your Teachers’ Pension Scheme. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.