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