1 April 2024
UCEA comment on the rising costs of the Teachers’ Pension Scheme
Commenting on the rising costs of the Teachers’ Pension Scheme (TPS), Raj Jethwa, UCEA’s Chief Executive said:
“Our sector faces unprecedented uncertainties and these eye-watering increases in TPS pension costs* add significant financial pressures to post-92 HE institutions. This will severely impact their ability to enhance student experience and promote the economic wellbeing of their cities and regions. Claims that employers ‘want to leave the industry standard pension scheme’ are unfair**. Instead, UCEA has a duty to explore all the options available for the future and has expressed concern that there is no UCU consideration of alternatives beyond the recent request for financial subsidy. With no additional funding forthcoming from government to help meet these increased costs, we urge the government to review HE participation in the TPS and to offer practical support moving forward.”
Notes
* The TPS (England and Wales) will see an increase from 23.68% to 28.68% in employer contributions from today, 1 April. TPS (Scotland) will see an increase from 23% to 26% and TPS (Northern Ireland) from 25.1% to 29.1%. Please note that HE funding is a devolved matter.
** UCU's 1 April media release Benefits restored in full today for members of UK's largest pension fund
Raj Jethwa, UCEA’s Chief Executive, wrote to Jo Grady, UCU’s General Secretary on 28 March
Raj Jethwa reply to Jo Grady - 28 March 2024
UCEA and UUK wrote to the HE Minister on 18 March to further highlight the increasing concerns being raised by HE employers (www.ucea.ac.uk/news-releases/18march24/) and asking for financial support. This followed early interventions in October 2023 (www.ucea.ac.uk/news-releases/27oct23/) and as far back as 2021 (www.ucea.ac.uk/library/consultation-responses/pensions-consultations/)
ENDS
For further information: Please contact Andy Fryer, Head of Communications and Membership (a.fryer@ucea.ac.uk) or Marc Whittaker, Communications and Events Manager (m.whittaker@ucea.ac.uk)
UCEA comment on the rising costs of the Teachers’ Pension Scheme
Commenting on the rising costs of the Teachers’ Pension Scheme (TPS), Raj Jethwa, UCEA’s Chief Executive said:
“Our sector faces unprecedented uncertainties and these eye-watering increases in TPS pension costs* add significant financial pressures to post-92 HE institutions. This will severely impact their ability to enhance student experience and promote the economic wellbeing of their cities and regions. Claims that employers ‘want to leave the industry standard pension scheme’ are unfair**. Instead, UCEA has a duty to explore all the options available for the future and has expressed concern that there is no UCU consideration of alternatives beyond the recent request for financial subsidy. With no additional funding forthcoming from government to help meet these increased costs, we urge the government to review HE participation in the TPS and to offer practical support moving forward.”
Notes
* The TPS (England and Wales) will see an increase from 23.68% to 28.68% in employer contributions from today, 1 April. TPS (Scotland) will see an increase from 23% to 26% and TPS (Northern Ireland) from 25.1% to 29.1%. Please note that HE funding is a devolved matter.
** UCU's 1 April media release Benefits restored in full today for members of UK's largest pension fund
Raj Jethwa, UCEA’s Chief Executive, wrote to Jo Grady, UCU’s General Secretary on 28 March
Raj Jethwa reply to Jo Grady - 28 March 2024UCEA and UUK wrote to the HE Minister on 18 March to further highlight the increasing concerns being raised by HE employers (www.ucea.ac.uk/news-releases/18march24/) and asking for financial support. This followed early interventions in October 2023 (www.ucea.ac.uk/news-releases/27oct23/) and as far back as 2021 (www.ucea.ac.uk/library/consultation-responses/pensions-consultations/)
ENDS
For further information: Please contact Andy Fryer, Head of Communications and Membership (a.fryer@ucea.ac.uk) or Marc Whittaker, Communications and Events Manager (m.whittaker@ucea.ac.uk)
