Contribution rate and exit charges (Independent Schools)

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

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 2020 scheme  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 at least 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 an exit charge will be introduced and that this charge could be backdated. We’d like to confirm that there is no exit charge, and there are no plans to introduce one.

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.

Last Updated: 04/05/2022 14:48