Many independent schools are pulling out of the Teachers’ Pension Scheme and former headteacher Michael Evans looks at some of the ramifications.
Although many teachers often give little thought to their pensions until they are close to retirement, in reality a teacher’s pension has always been an important and valuable part of the salary package. It is a guaranteed index-linked pension and it is a Defined Benefit scheme, based on an individual’s salary and service, rather than on investments. It is a scheme that follows teachers throughout their careers, making financial planning easier.
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