Under the latest round of proposals members of the Teachers Pension will be asked to increases their member contribution to retain their pension benefits

Affecting everyone but Teachers currently receiving £15,000 or less the proposals suggest a banding structure based on their full time salary, similar to the existing Local Government Pension Schemes.

Under the latest round of proposals members of the Teachers Pension will be asked to increases their member contribution to retain their pension benefits

Affecting everyone but Teachers currently receiving £15,000 or less the proposals suggest a banding structure based on their full time salary, similar to the existing Local Government Pension Schemes.

Teachers currently pay 6.4% of their salary as an employee contribution to the pension scheme. Under the changes the highest earners (£112,000 pa and higher) will pick up the greatest change with their contributions increasing by 2.4% to 8.8%

Assuming the 682,000 members of the scheme are evenly spread within each band the net impact will be an overall additional pension contribution from Teachers of £327,000,000 each year

The proposed salary bandings are detailed below

Lower        Higher      Cont.       Increase       Members     
Salary        Salary        Rate        over 6.4%
                                        2012-13                        

           0        14,999        6.4%           0%              1,400       
15,000        25,999        7.0%        0.6%              116,000  
26,000        31,999        7.3%        0.9%              117,000  
32,000        39,999        7.6%        1.2%              271,000  
40,000        74,999        8.0%        1.6%              172,000  
75,000        111,999      8.4%        2.0%              4,000       
112,000                           8.8%        2.4%              600