What is Phased Withdrawal and how will it help Scottish independent schools who are considering their pension options?
In January 2023 the Scottish Government published its long awaited response to the consultation on Phased Withdrawal from the Scottish Teachers’ Pension Scheme 2015 (STPS).
At a high level, Phased Withdrawal allows an independent school to retain STPS for existing teaching staff, but to provide alternative pension arrangements for new teaching hires. The consultation response indicates that regulations will be introduced by summer 2023 at the latest, therefore suggesting Phased Withdrawal will be available for independent schools from September 2023.
In this briefing note we explore what the Phased Withdrawal option might mean for Scottish independent schools, noting that there will be further detail to digest on this option in due course.
Read our briefing note for more details.
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What is Phased Withdrawal, how can it be used and what are the key considerations you need to take into account?
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