From Teachers' Pensions: 'HM Treasury has today published the final Directions and the expected outcome of the TPS valuation is a total contribution rate of 26%. The TPS proposed final agreement provides that scheme members will pay an average contribution rate of 9.6%, with the balance falling on employers; meaning that the new TPS employer contribution rate will be 16.4% (currently 14.1%).'
The announcement was made last month - March 13 2014
This is in addition to a rise in pension contributions attributed to the removal of a national insurance exemption - Pension changes mean a big black hole in academy finances.
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