Recruitment

• Defined benefit scheme paying guaranteed benefits, which are protected against inflation.
• Lump sum payable on death in service of three times salary.
• Family benefits available for spouses, children, civil partners as well as unmarried partners.

Planning

• Minimum Retirement Age of 55 for new entrants from 1 January 2007 and existing members by April 2010, except on the grounds of ill health.
• Automatic part-time membership for new entrants and teachers who are given new part-time contracts starting on or after 1 January 2007.
• Introduction of new ‘average’ salary period, the better of the last year’s salary or the re-valued average of the best three consecutive year’s salary in the last ten years of service.
• Increased choice in the proportion of pension benefits taken in pension form and as a lump sum.
• New ill-health retirement benefits. Total Incapacity Benefits (TIB) to be granted to members who are only capable of work that would be greatly below the overall job weight of a teacher and Partial Incapacity Benefits (PIB) for those permanently incapable of teaching, but capable of a range of other types of work. No recommendation required by the employer.

Retention

• Introduction of ‘phased retirement’ arrangements that would allow staff to continue working while drawing some or all of their accrued pension benefits. Salary reduction of 25% would be required.
• Employers can purchase additional annual pension benefits for teaching staff (up to £5,000) provided the individual has not already done so.
• Pensions abated on a return to work only where unreduced benefits, or enhanced benefits following premature retirement, have been granted.
• Actuarial enhancement for those who join the TPS after 1 January 2007, who continue to work beyond NPA of 65 without accessing their pension benefits.