Responding to the 2020 Valuation of the England and Wales Teachers’ Pension Scheme (TPS), which was published on 27 October 2023, Dr Patrick Roach, General Secretary of NASUWT-The Teachers’ Union, said:
“The Teachers’ Pension Scheme (TPS) is an immensely valuable element of the reward system for teachers. The importance of a defined benefit, inflation-proofed, pension scheme during a teacher shortage should not be underestimated. For many teachers, the TPS is a key reason why they remain in the teaching profession.
“The Government is well aware that the cost of teachers’ pensions, since 2012 onwards, is lower than previous predictions, partly because of worsened life expectancy arising from the coronavirus pandemic. The Government needs to take this into account and should confirm now that it will not raise the pension age for working people any further.
“The stagnation in the UK economy on this Government’s watch has fed through to a higher employer contribution to all public service pensions, not just the TPS. Teachers should not be left to pay the price of the Government’s economic failure.
“The increase in the employer contribution has arisen because of HM Treasury policy, rather than because teachers’ benefits have risen in value.
“The NASUWT and other unions have already proposed an alternative and credible methodology for setting the SCAPE discount rate when the Government consulted on this in 2021. We now urge the Government to look again at this.
“We expect the Government to keep its promise that the increase in employer contributions will be fully funded.
“We are also clear that independent school employers should be in no doubt about the importance of the TPS to their teachers. The NASUWT will continue to oppose attempts by independent school employers to worsen our members’ terms and conditions by leaving the Teachers’ Pension Scheme.”
