The TPS has undergone significant changes twice in the last 14 years, but there have also been subtle changes far more regularly than that during this time. When you add to that the changes that successive Governments have made to pensions generally over the same period, the final outcome may be very different to what many teachers expected.
Just to add another factor into the mix, this year the Government has been forced to make further changes to all public service pension schemes (including the TPS) after losing the Sargeant and McCloud legal cases (the firefighters and judges age discrimination claim). The Government Consultation only ended on 11th October 2020, so we are still waiting for them to make their final decision on the changes that will be made, but we can see what they want to happen based on what was proposed. The main headlines are:
From 1st April 2022 members of the TPS will only be able to accrue benefits in the Career Average Scheme, no further benefits will be accrued in either Final Salary arrangement
Providing education on TPS for your Common Room on what they are getting from being a member has probably never been so important, whether your School intends to look at withdrawing from the TPS or not. As TPS becomes a hot topic within Common Rooms with stories of independent schools leaving the Scheme circulate, there can be a considerable amount of anxiety. Why not take the opportunity to provide clarity instead?
Succession Independent Schools, supporters of the Independent Schools Conference 2020, are one of the longest-running, specialist teams providing support within the Sector and are retained by many of the country’s leading Independent Schools. Their knowledge of the TPS, the changes that have been made to the Scheme (and pensions generally) and our ability to communicate these complicated matters in plain, understandable English has been welcomed at many schools up and down the country from Cornwall to Scotland.