The following Pensions guidance note Produced in partnership with Gary Delderfield of Eversheds Sutherland (International) LLP provides comprehensive and up to date legal information covering:
The Teachers’ Pension Scheme (TPS) is a statutory, public service pension scheme for members of the teaching profession in England and Wales.
Since 1 April 2015, there are two separate TPS schemes:
the post-2015 TPS (sometimes referred to in TPS literature as the ‘2015 Scheme’), which was established under the Public Service Pensions Act 2013 (PSPA 2013) on 1 April 2015 as a career average revalued earnings (CARE) scheme for members who join on or after 1 April 2015. For more information, see Practice Note: The Post-2015 Teachers’ Pension Scheme
the pre-2015 TPS, which was established by the Superannuation Act 1972 (SA 1972) as a final salary scheme for members who joined before 1 April 2015. This scheme is the subject of this Practice Note
At the same time as the post-2015 TPS opened, the pre-2015 TPS closed. However, transitional provisions were adopted which allowed certain ‘protected’ members, dependant on their age, to remain in the pre-2015 TPS until retirement rather than join the less generous post-2015 TPS. Qualifying members included those who were within ten years of their normal pension age (NPA) as at 1 April 2012. However, members who were more than 13.5 years from NPA on 1 April 2012, or who became members on or after 1 April 2015, received no transitional
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234