Schools hit with rising pension costs
Schools have been told that they must increase contributions to the Teachers’ Pension Scheme by 43% from next year.
Following a government review into public sector pension schemes, schools were told in an email this week that employer contributions will rise to 23.6% from September 2019. The current rate is 16.48%.
The email states that funding will be available from the Department for Education to “help” maintained schools and academies meet the additional costs.
The email, sent by Employer Link on behalf of the Department for Education, states: “There will be funding from the DfE for the financial year 2019-20 to help maintained schools and academies meet the additional costs resulting from the scheme valuation, and a consultation process will take place to determine final funding arrangements. Funding for 2020-21 onwards will be discussed as part of the next spending review round.”
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