Teachers' Pension Scheme
Author: Harry Walton, Marketing & Communications Officer
Published: 21st July 2022
Teachers Pensions Scheme Advisory Board meeting 16/06/22
The DfE confirmed that they are still working with Teachers’ Pensions and the Government Actuary Department to gather data to ascertain the number of members likely to be affected by the indexation issue.
The DfE remains of the view that any change to the long-term policy on the operation of the average salary indexation will take place going forward and any change to the regulations is unlikely to take place until at least 2023. The unions raised their concerns that the regulations should be changed retrospectively. The union representatives will be writing to the DfE about the indexation issue and the DfE response will be published.
Update on the Council’s position
Bradford Council will continue to monitor any developments and will apply the £1 payment only to the salary of those employees who are retiring on 31st August 2022 to ensure that the indexation is applied when Teachers’ Pensions are calculating their retirement benefits.
Therefore, there is still no immediate need to consider the blanket payment of a nominal amount of £1 to teachers in your employment, Bradford Council will only consider this if there is no resolution to the ongoing discussions.
Bradford Council raised this issue for discussion in the Yorkshire and Humber Employers Association meeting on 7th July 2022. The majority of other Local Authorities that responded, were maintaining the same position and not unilaterally paying the £1 increase to all teachers.
A reminder of the issue
Please refer to briefing note published on 24th February for a summary of the issues and the potential impacts to teaching staff in the Teachers’ Pension Scheme.
As this matter progresses, we will provide further updates in due course.