Are you an “accepted” school under the Teachers Pension Scheme (TPS) regulations?
If so, consider if now is the right time to leave the TPS amidst rising costs.
The Government is currently consulting on draft regulations that will allow the phased withdrawal of independent schools from the TPS. The draft regulations allow existing teacher members of the TPS in an independent school could remain in the TPS whilst teachers not in the TPS at the time that the school changed its status would not be enrolled.
Many independent schools have sought to leave the TPS while there are no exit charges applied by the TPS on withdrawing. Currently 200 have left this regime.
This change will require consultation with employees to satisfy both employment and pension law and other consideration such as the school’s ability to attract and retain staff should also be considered.
For information see: Government response to initial consultation and consultation of the draft regulations.