Leaving the Scheme - Independent Schools only

In light of the rise in employer contributions due to the Scheme Valuation, we’ve recently advised you about the importance of understanding the contractual requirements and implications your establishment has if you decide to leave the Teachers’ Pensions Scheme.

We’ve identified five steps that you must think about:-

Step 1 - Consider the benefits that members will be missing out on if you leave

Step 2 - Consult with your staff

Step 3 - Provide an alternative pension scheme

Step 4 - Advise members what they can do with their benefits should you choose to leave

Step 5 - Understand the process for leaving the Scheme

We’ve created a checklist to further explain the important steps you must take, particularly in relation to the advice you should be providing to your staff, who will ultimately be affected if you choose to leave the Scheme.