Every four years, all unfunded public service schemes are revalued, including the Teachers’ Pension Scheme.  

One of the purposes of the valuation is to assess the cost of pensions being accrued to active members of each scheme and to determine the appropriate employer contribution rate going forward.

The valuation of the Teachers’ Pension Scheme has now been completed and the 2024 Valuation reports have been published (This link opens in a new window).

When will the changes be applied?
These changes will apply from 1 April 2027.

What is the result of this valuation?

Employer contributions
The valuation has determined that the employer contribution rate should reduce from 28.68% to 17.68% of pensionable pay (including the administration levy). This is to meet the present and projected cost of benefits for members.

This will not affect the level of benefits members are building up in the Scheme.

Member benefits from the Teachers’ Pension Scheme are determined in accordance with the Scheme rules and member’s service, the valuation ensures that sufficient funding is available to meet these commitments.