Created on: 27 Apr 2023
The School plans to withdraw from the Scottish Teachers Pension Scheme, administered by the Scottish Public Pensions Agency – which is a defined benefit scheme.
Instead, the School proposes a Defined Contribution scheme. These schemes invest your and your employer's contributions. The proceeds are used to create a “pension pot” that may be used at retirement.
The Scheme proposed would allow for the employer and employee contributions to be less. The planned pension scheme is private and inherently includes more risk than the STPS which is statutory, and is underwritten by the UK Government and provides pensions and life assurance for the overwhelming majority of teachers in Scotland.