11
DEVELOPING EXCELLENCE TOGETHER Download this presentation from http://bit.ly/PensionSBM Webinar Pensions – What SBMs need to know Micon Metcalfe

DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

Embed Size (px)

Citation preview

Page 1: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 2: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 3: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 4: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 5: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 6: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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

Page 7: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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!

Page 8: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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.

Page 9: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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.

Page 10: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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!

Page 11: DEVELOPING EXCELLENCE TOGETHER Download this presentation from //bit.ly/PensionSBM Webinar Pensions – What SBMs need to know

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