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



Page last modified by Corporate Communications on 19 April 2012.
 
LJMU Logo banner imageLJMU Logo banner image (print)
LJMU banner image
LJMU Dream, Plan Achieve - Page ID:123030