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Teachers' Pension Scheme

 

The Teachers’ Pension Scheme (TPS) is operated by Capita plc on behalf of the Department for Children Schools & Families (DCSF).  Membership is available to full time, fractional and part time hourly paid academic staff and entry to the Scheme is automatic unless an individual chooses to opt out.  

From 1 April 2012 the TPS introduced new employee contribution rates which are based on full time equivalent (FTE) salary rates.  Current employee contribution rates are 6.4%.  This rate will rise for anyone with an FTE salary of £15,000 or more.  The tier rates are as follows:

Range

 

Contribution

Rate in 2013-14

£0

£14,999

6.4%

£15,000

£25,999

7.0%

£26,000

£31,999

7.9%

£32,000

£39,999

8.8%

£40,000

£44,999

9.2%

£45,000

£74,999

10.1%

£75,000

£99,999

10.6%

£100,000

 

11.2%

 

The employer contribution rate is 14.1%.  Currently the normal retirement date is 60 for members who joined the scheme prior to 1 January 2007 and 65 for new members who first joined the scheme after that date.  A guide to the scheme is made available to all eligible new staff.

Address and contract details:

Teachers' Pension Scheme

Mowden Hall

DARLINGTON

DL3 9EE

Tel no:             0845 6066166

Web:                http://www.teacherspensions.co.uk/

 

Topping-up your Teachers’ Pension

If you want to save more for your retirement there are two ways of doing this:

                Additional pension in TPS

This option provides a pension in addition to your main scheme benefits.  There is a maximum to the annual pension which can be purchased in this way.

                Additional Voluntary Contributions

TPS also operate an Added Voluntary Contributions facility with Prudential.  More information can be obtained using the contact details below:

Prudential

Teachers’ AVC Administration

Stirling

FK9 4UE.

Tel no:             0845 0700007

Web: http://www.pru.co.uk/content/schemes/teachersavc/england_wales

 

Annual Allowance

Guidance and a modeller about the Annual Allowance can be found at http://www.teacherspensions.co.uk/public/resources/calculators/annual-allowance.aspx

 

 

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Last updated Monday 4 February 2013
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