As previously confirmed, the employer contribution rates of the Teachers’ Pension Scheme (TPS) will increase by 5 percentage points, from 23.68% to 28.68% from April 2024.
HM Treasury is committed to providing funding to cover the increase, and further details have been published on the methodology of the Teachers’ Pension Employer Contribution Grant (TPECG) 2024 calculation.
The DfE has also published a calculator to support state funded mainstream schools and academies (5-16 year old age group) estimate the funding for the 2024/25 financial year. Academies will also receive an additional allocation of TPECG 24 to cover the April 2025- August 2025 period.
It is anticipated that from 2025 to 2026, the funding for the increase in pension costs for mainstream schools will be paid through the schools NFF.
For early years, additional funding has been included in the published core rates for 2024-2025.
Further guidance on the 16-19 pensions funding for 2024/2025 is expected by the end of April.
