Cost increases mean that it is essential for every independent school to consider their participation in the Teachers’ Pension Scheme carefully.
With the imposition of substantial increases to TPS contributions from September 2019, many independent schools are faced with decisions about what pension and other benefits to offer their teaching staff for the first time. There is a significant need for information and advice on this complex topic, and support in implementing any changes.
Decision making support
We can help decision-makers decide whether the TPS is right for your school and, if not, what other provision could be proposed.
Recognising that many schools will be facing the same set of issues for the first time, we have developed a web-based decision-making advice service to help your school decide whether to propose moving away from the TPS and, if so, what to propose. The service is designed to deliver high quality information and clear advice at a cost to each school that is substantially below that which would be charged on a standalone basis.
You can find out more about our decision-making advice service and how to sign-up by clicking here.
We can also work with your school on a bespoke basis, considering reward in a holistic manner. Please contact us using the details below if you would like to discuss your school’s specific requirements.
Please click here to access our free checklist that will help you focus on the issues that matter and make a decision with confidence at the right time.
We can support you through the consultation process, communicating with your teachers with clarity, empathy and honesty.
Pensions are an emotive topic. It is therefore vital that your communications are tailored to your common-room so that your teachers are engaged, understand the issues, and are brought along with the process.
We can help in many ways, from consultation planning to teacher presentations. You can find out more about our consultation support and how to sign-up by clicking here.
Please click here to access our free checklist that will help you focus on the issues that matter and make sure you are ready for what lies ahead.
LCP is currently advising over 70 independent schools in relation to their TPS membership and reward proposition:
- As an independent actuarial adviser (without any incentives or ties to alternative product providers) LCP is ideally placed to provide unbiased advice to schools on the pros and cons of TPS membership.
- Our focus is on being well-informed of all the issues and complexities in this changing area, the range of responses from schools and best practices in implementing any changes.
- LCP is a leading specialist in the niche area of pensions and other benefit provision for school teachers.
We have a dedicated and sizable team that brings:
- A deep understanding of TPS benefits, how the costs of providing them are calculated, the risks associated with these costs going forward and the range of issues relating to future provision.
- Experience in structuring alternative pension arrangements and other benefits, and how these compare with TPS benefit provision.
- Skills in clear communications to school governors, senior leadership teams, teaching and non-teaching staff, recognising the need for empathy and an appropriate level of detail.
- Market intelligence relating to the TPS, in particular how schools are working through the key issues and implementing their responses; and also how the macro and regulatory environment is changing.
- Practical support in managing staff consultation processes including best practice in setting out details of a suitable timetable, providing presentation materials and answers to frequently asked questions.
- Modelling tools and information to provide to schools as inputs to their business planning and financial modelling of future costs and risks, including assumptions for ranges of contribution rates and costs of benefit packages.