Introduction
This guide details the benefits provided by the Teachers' Pension Scheme (TPS) in England and Wales.
The TPS is a contributory scheme administered by Teachers' Pensions (TP) on behalf of the Department for Children, Schools and Families (DCSF). It is a defined benefit ‘final salary' scheme and is one of the most important and valuable benefits available to teachers. The TPS not only provides you with a regular income after you retire but can also provide a lump sum. It also gives financial protection to your family or other dependants after you die.
The TPS is contracted-out of the State Second Pension (S2P) on a Reference Scheme Test basis that means the TPS guarantees to pay benefits which are at least as high as those the state would pay. Although you will be contracted out of S2P you will receive the Basic State Pension in addition to your teacher's pension.
The TPS is a statutory scheme subject to the Teachers' Pensions Regulations 1997 (as amended). Nothing said in this booklet overrides the provisions of the regulations. If you want more detailed information on any aspects of the scheme, you can get any of the leaflets mentioned in this guide from the Forms and Leaflets section on this website.
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