This document contains a financial summary and statements of the teachers' pension scheme resources for 2006 to 2007.
The teachers’ pension scheme (TPS) is an unfunded, contributory, public service occupational pension scheme, governed by statutory regulations.
These accounts cover changes to the TPS, including:
- raising the normal pension age to 65 for new entrants
- a faster accrual rate for members with normal pension age of 65
- introduction of two-tier ill health arrangements
- replacement of past added years with an additional pension provision
- the introduction of a cost sharing arrangement on the scheme’s funding between employers and employees