Independent schools briefings

The effective date of the Teachers’ Pension Scheme (TPS) valuation is 31 March 2020. The main purpose of this valuation is to determine the contribution rate payable by schools from April 2024. In this briefing we take stock, discussing recent developments and their possible impact on the valuation. We also…

The ISPS is a pension scheme originally set up for support staff and run by TPT Retirement Solutions. It has Defined Benefit (DB) and Defined Contribution (DC) sections. This briefing considers the latest valuation results of the DB section.

In this briefing, we discuss phased withdrawal from the TPS. In July 2021, Government published its response to the consultation on proposed amendments to the TPS rules. These aim to introduce phased withdrawal. The first schools to use the resulting regulations closed TPS to new teachers from 1 September 2021.

In this briefing, we provide an overview of the main types of Defined Contribution schemes available, and discuss how suitable each type is for independent schools.

Independent schools offer a diverse range of Defined Benefit pensions to teaching and non-teaching staff. In this briefing, we summarise those various DB arrangements and provide more information for those who require further details.

We discuss the McCloud judgment, which stems from 2015 changes to public service pensions. This changed final salary to career-averaged revalued earnings benefits in the TPS. Government efforts to protect members close to retirement were later judged age-discriminatory. We also consider the outlook for the 2020 valuation.

In its response to consultaton over the introduction of a phased withdrawal option in the Teachers’ Pensions Scheme (TPS) for independent schools, the Government has expressed its intention to insert phased withdrawal into TPS regulations in spring 2021. This briefing outlines options for independent schools.

For independent schools that have decided to leave the TPS, the choice of a new Defined Contribution (DC) scheme is a key decision. This briefing looks at the process and some of the key considerations involved in selecting a new DC pension provider.

The effective date of the Teachers’ Pension Scheme (TPS) valuation is 31 March 2020, with implementation planned for 2023. The valuation could result in higher costs for schools if changes are made to the SCAPE discount rate – the most important actuarial assumption behind the valuation. This briefing provides a…

The pensions issues facing independent schools are not going away and may become more urgent as schools experience significant pressure on fee income. When is the right time to address your pension concerns? To help you decide what is best for your school, we’ve put together a traffic light framework…