Teachers: Pensions

Mr. Laws
To ask the Secretary of State for Children, Schools and Families what his estimate is of the annual cost of the teachers’ pension scheme; and if he will make a statement.

Jim Knight
The Teachers’ Pension Scheme (TPS) has estimated expenditure of £6,498 million and estimated income of £4,704 million in 2008-09.

Mr. Laws
To ask the Secretary of State for Children, Schools and Families if he will make a statement on the terms and conditions of the teachers' pension scheme.

Jim Knight
The Teachers' Pension Scheme (TPS) is a defined benefit occupational pension scheme for teachers and lecturers in England and Wales which provides a range of benefits for members and their families.

The terms and conditions of the TPS were reformed from 1 January 2007 following a review involving the teacher and lecturer unions, employer representatives and the Government. The review considered all aspects of pension provision and introduced changes that: increased the contribution rate paid by all members and the normal pension age for new entrants to 65; deliver a modernised TPS more relevant to the needs of employers and members; makes sure the TPS will continue to be an important and valuable element of the total remuneration package for teachers and lecturers that supports recruitment and retention; and ensures the long term financial sustainability of the scheme.

The detailed provisions of the TPS can be found at

www.teacherspensions.co.uk