As a result of the current valuation of the Teachers’ Pension Scheme, the Government has determined that the employer contribution rate should increase to 23.68%.
This change takes effect from 1 September 2019 (which includes the administration levy of 0.08%) and this can be budgeted in your SBS Online Budget Management Software under the Superannuation page.
Further to this, the Department for Education has a consultation looking at the support for the Teachers’ Pension Scheme increase and there will be more information soon.
For more information on the Teachers’ Pension Scheme visit the Teachers’ Pensions website.
As always, if you have any queries please contact the SBS Online Service Desk on 0345 222 1551 • Opt 8 or alternatively email the team at email@example.com