Pensions Update 10 Jan 2012
Teachers' Pension Scheme – England and Wales
The discussions on pension scheme design have led the Department for Education to table revised scheme proposals for the Teachers' Pension Scheme which applies to England and Wales. These proposals include an improved accrual rate of 1/57 and transitional arrangements but retain increased contribution rates and the linking of pension age to the state retirement age.
To date in Scotland there have been no discussions with the Scottish Government on Scheme Design for Scottish teachers.
The Scottish Government has now issued draft proposed changes to contributions for members of the Scottish Teachers Superannuation Scheme. The current contribution rate for all STSS members is 6.4%. The increased contributions to apply from 1 April 2012 are as follows:-
|
Full-time equivalent Contributable Salary Band |
Contribution Rate from 1 April 2012 to 31 March 2013 |
Change |
|
Below £15,000 |
6.4% |
0 |
|
£15,000 to £25,999 |
7.0% |
+0.6% |
|
£26,000 to £31,999 |
7.3% |
+0.9% |
|
£32,000 to £39,999 |
7.6% |
+1.2% |
|
£40,000 to £74,999 |
8.0% |
+1.6% |
|
£75,000 to £111,999 |
8.4% |
+2% |
|
£122,000 and above |
8.8% |
+2.4% |
The Scottish Government has indicated that a separate consultation will be conducted on increases for 2013-2015.
