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MINISTERS must rule out any further pension age rises for teachers following a drop in life expectancy caused by Covid-19, the NASUWT union has said.
Noting that that the Teacher Pensions’ Scheme (TPS) is a “key reason” why many stay in the profession, general secretary Dr Patrick Roach said that the government should take into account that teachers’ pension costs have been lower than previous predictions,” partly because of worsened life expectancy arising from the coronavirus pandemic.
He urged ministers to look at union-backed alternatives to setting Scape (superannuation contributions adjusted for past experience) discount rates for employer contributions to public-sector pensions, warning that NASUWT will oppose attempts by private schools to leave the TPS over their employer contributions being increased from 23.6 per cent to 28.6 per cent in April 2024.
On Friday a four-yearly valuation recommended “updating the baseline mortality rates … using an equal allowance for recent experience” and 2016 assumptions.
The pension age is to increase from 66 to 67 between 2026 and 2028.
Following reforms in 2015, recently qualified teachers can only access the TPS when they reach pension age.
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