Following contact from employers where their school’s considering leaving the Teachers’ Pension Scheme, we’d like to shed some light on common misconceptions you may have heard. 

There’s been a suggestion that the employer contribution rate will rise significantly in 2024. At present it’s impossible to know what the results of the valuation will be and what affect that could have on contribution rates, whether it be a rise or drop. It’s likely that we won’t have confirmation on this until late 2023 at the earliest, but we’ll let you know as soon as possible to better prepare you.

It’s also been suggested that we could bring in an exit charge and that this charge could be backdated. We’d like to confirm that there is no exit charge, and there are no plans to bring in an exit charge for the Scheme. To do so new legislation would be required along with a public consultation. 

We hope this has cleared up any concerns you may have and have given you reassurance that if any changes were to come into place, you’d be the first to know.