As independent schools absorb the impact of Teachers’ Pension Scheme (TPS) contribution increases, many are reviewing this critical area of staff remuneration. Some are also looking for guidance in the funding and governance of their in-house Defined Benefit and Defined Contribution schemes.
These pension challenges occur at a time of unprecedented financial pressures for the sector. Developments such as VAT on fees and the removal of business rates relief add to the risk factors schools face. And a whole range of school-wide priorities – not least infrastructure and refurbishment projects – are competing with pensions for resourcing.