Reminder: Increase in Teachers' Pension Scheme contributions
19 April 2012
When checking your April payslip, please remenber that on 1 April 2012 members' contributions to the TPS changed from a flat rate of 6.4% of pay for all members to tiered contributions, with the contribution rate dependent on a member's full-time equivalent earnings. For example, a part-time member of staff working a 50% contract earning £20,000 (full-time equivalent earnings of £40,000) will have a contribution rate of 8% applied to their salary of £20,000. This is because the full-time equivalent salary is the figure used to calculate pension benefits. LJMU's contribution rate to the scheme is 14.1% of pay.
There are seven tiered contribution bands and the rates for the 2012/13 scheme year are set out below:
| Lower Salary(£) | Higher Salary(£) | Contribution rate 2012-13 |
|
14,999 |
6.4% |
|
|
15,000 |
25,999 |
7.0% |
|
26,000 |
31,999 |
7.3% |
|
32,000 |
39,999 |
7.6% |
|
40,000 |
74,999 |
8.0% |
|
75,000 |
111,999 |
8.4% |
|
112,000 |
|
8.8% |
For any queries on the above please contact Jayne Brown (Pensions Manager) on ext: 8756 or email: j.brown@ljmu.ac.uk or visit the pension scheme's website at: www.teacherspensions.co.uk
