Our team has excellent independent expertise and knowledge of the education sector and are not tied to any pension arrangements.
TPS is an excellent way to provide defined benefit pension benefits in a low risk and relatively low cost manner, but costs have increased dramatically and schools that participate in the TPS are subject to whatever changes future governments choose to make.
The recent cost increases have prompted many schools to take a fresh look at the way they provide pension benefits to teaching staff, while balancing the best interests of the school, pupils, parents and teachers. These reviews have also highlighted some political and other risks associated with TPS, which some schools are keen to avoid. Solutions can take many forms, including sharing the cost of increases, considering whether the Government’s proposal to maintain membership for existing staff only might be of merit, offering an alternative arrangement or a combination of any of these.
Our independent expertise in both the TPS and alternative pension schemes puts us in an ideal position to support schools with these matters, whether it be modelling in relation to the options available, advice on suitable structures and providers if an alternative pension provision will be needed and wider support in relation to connected benefits such as group life cover and income protection. We can also work with a school on support staff pensions, to help with an overall review of pension arrangements.
We have excellent knowledge of the education sector and are not tied to any pension arrangements so can help ensure your school decides on the most appropriate pension arrangement for your teaching staff.
"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. Barnett Waddingham helped us design and communicate 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."