From September 2019 the contributions that schools are required to make for their staff in the Teachers' Pension Scheme (TPS) increased dramatically.
This has prompted many independent schools to take a fresh look at the way they provide pension benefits to teaching staff, with consideration being given to what is in the best interests of the school, pupils, parents and teachers.
"Pensions are a vitally important part of the benefit package we offer staff and we didn’t take change lightly. When we decided to consider options following the increase in TPS contributions we wanted to ensure any change introduced was not only right for the school, but also offered staff a good arrangement to save for their retirement."
In this briefing note for school bursars and governors, we look at the background to this change and outline the steps that a school might take, as well as the options available.
Barnett Waddingham can help those looking to navigate and manage pension and benefits for teaching staff.
You may also be interested in watching our webinars: Teachers’ Pension Scheme (TPS) Valuation: Impact on Employers and DC pension scheme design and implementation.
"With Barnett Waddingham’s help we were able to ensure this proposal was presented in a clear and balanced way, so staff not only understood the scheme being proposed but engaged with what this change meant for them personally. This was crucial to making the process a positive one . . . Barnett Waddingham supported us in this process, helping us design a scheme that not only supported our ongoing commitment to pensions but also introduced flexibility to staff in terms of contributions being made and how benefits can be taken."