Upload
alannah-mitchell
View
214
Download
0
Embed Size (px)
Citation preview
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Download this presentation from http://bit.ly/PensionSBM
Webinar
Pensions – What SBMs need to know
Micon Metcalfe
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Pensions available to school staff
Teachers’ Pension Scheme
All teaching staff – including unqualified teachers
Un-funded
https://www.teacherspensions.co.uk/employers/employer-hub.aspx
Local Government Pension Scheme
All staff who are not teachers
Funded scheme
http://www.lgps.org.uk/lge/core/page.do?pageId=97977
Remember all staff are entitled to join a pension scheme
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Teachers’ Pensions Scheme
Defined Benefit scheme
Final Salary to 31/3/2015
Career Average (CARE) from 1/4/2015
Tiered contributions introduced from April 2012
Normal pension age
60, 65 or state pension age
Type of Member from April 2015
Protected
Tapered
New Member
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Local Government Pension Scheme
Defined Benefit scheme
Final Salary to 31/3/2014
Career Average (CARE) from 1/4/2014
Tiered contributions introduced from April 2010
Normal pension age
65 or state pension age
Some protections for older members
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Both schemes
Contributions are now based on actual pay not salary scale
LGPS from 1/4/14
TP from 1/4/15
Overtime and changes to pay can mean tier changes month to month
Teachers' Pensions HR and Payroll Guides
LGPS HR and Payroll Guides
Need for a pension policy to outline employer approach
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Employer reporting
Monthly Returns
via Local Authority for maintained schools
via Teachers’ Pensions for Academies
via Local Authority or direct to Administering Authority for LGPS
Annual Service Returns
Teachers’ Pensions Audited Annual return (academies)
Joiners, leavers and changes
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Payroll providers
Payroll providers should prepare returns and provide pension checking information
They should be able to administer the payroll requirements of both schemes
They should amend reports and returns as required by the scheme
School needs to check information and reconcile!
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Auto-enrolment
Auto-Enrolment is a recent employer obligation re pensions
http://www.thepensionsregulator.gov.uk/automatic-enrolment.aspx
TP and LGPS meet the requirements for auto-enrolment
Academies need to register with the Pensions Regulator
All qualifying staff must be enrolled in relevant pension
Employer should not volunteer information on opt-out
New starters cannot opt out prior to start date
Non Members are auto-enrolled every 3 years and must opt out again
Ensure that all qualifying employees are opted in unless you have opt out documentation. This includes part-time and sessional staff.
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Financial changes
Revaluation of LGPS every three years. Employer contributions can go up or down
Academies need actuarial valuation and carry liability in accounts
Increase to Teachers’ Pensions employer contributions in September 2015
Plan for impact on budget
Tax relief for employee contributions ends in April 2016.
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Complexity
Pension administration is complex and there has been a lot of change
The School Business Manager can not advise employees about pensions
If in doubt check with relevant scheme!
D E V E L O P I N G E X C E L L E N C E T O G E T H E R
Find more resources at
http://www.optimus-education.com/knowledge-centre/school-business-management
Follow us
@BusinessOE
Quest ions & Answers