The Government is committed to reviewing the long-term affordability and sustainability of public service pension schemes, which includes the Teachers’ Pension Scheme (TPS). It aims to conduct reform to ensure that the scheme remains one of the best available, providing teachers with a quality and sustainable pension that adequately reflects their services to education.
A public consultation on the changes began on the 7th of May and will run until the 28th of June. This consultation seeks comments on the proposals and views on any equality considerations that the proposals raise.
If you would like to register your views on the consultation, you can visit the Department for Education Consultation Unit website. You can also complete the response form, which is available online, and email it to reformedteacherspension.consultation@education.gsi.gov.uk. Alternatively, you can post the form to: TPS Reform Consultation, GF Area B, Department of Education, Mowden Hall, Staindrop Road, Darlington, DL3 9BG.
The Department for Education will review responses over the summer and issue a further consultation later in the year, which will reflect these proposals and the overall outcome of the consultation. This second consultation will include draft regulations for the proposed scheme. The regulations should be devised in April 2014 and brought into effect in April 2015. This will allow members and employers time to digest and understand the changes involved.
To keep up to date with the reform and what the changes will mean for you, you can visit the Teachers’ Pensions website, which will publish relevant news updates and tools in the coming months.
The content in this article was correct on 09/05/2013. You should not rely on this article to make important financial decisions. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.