Annual Benefit Statements (ABS) containing an estimate of teachers’ service and salary details up to 31 March 2014 have started to be distributed to employers. Teachers’ Pensions are required to send these Statements by the 31st of March 2015. They request any members who haven’t received theirs by mid-April to ask their employers for more information.
The ABS contains vital information about the value of your pension and the benefits you are entitled to. The data is sent via employers and should be entirely accurate, however, if Teachers’ Pensions members identify any errors, they should contact their employers to check their records and ask them to notify Teachers’ Pensions of any changes.
It should be noted that teachers who are re-employed, in their first two years of teaching or who are currently in mixed service will not receive a statement. If you identify with one of these groups, please contact Teachers’ Pensions on 08456 066 166 or email [email protected] for further information.
This is the final year that paper ABS will be sent out. If you haven’t already, you are recommended to sign up to My Pension Online (MPO), an online PIN-protected portal that allows you to check and manage personal pension information. It also allows you to update your personal information and complete online forms. You can sign up by visiting the Teachers’ Pensions website.
Contribution rates
The contributions that were payable between 1 April 2013 and 31 March 2014 were:
| Salary | Member Contribution Rate |
| Up to £14,999 | 6.4% |
| £15,000 – £25,000 | 7.0% |
| £26,000 – £31,999 | 7.9% |
| £32,000 – £39,999 | 8.8% |
| £40,000 – £44,999 | 9.2% |
| £45,000 – £74,999 | 10.1% |
| £75,000 – £99,999 | 10.6% |
| £100,000 and above | 11.2.% |
The current contributions (payable between 1 April 2014 and 31 March 2015) are:
| Salary | Member Contribution Rate |
| Up to £14,999 | 6.4% |
| £15,000 – £25,000 | 7.2% |
| £26,000 – £31,999 | 8.3% |
| £32,000 – £39,999 | 9.5% |
| £40,000 – £44,999 | 9.9% |
| £45,000 – £74,999 | 11% |
| £75,000 – £99,999 | 11.6% |
| £100,000 and above | 12.4% |
From 1 April 2015, the contribution rates are changing.
| Annual Salary Rate for the eligible employment | Member Contribution Rate |
| Up to £25,999.99 | 7.4% |
| £26,000 to £34,999.99 | 8.6% |
| £35,000 to £41,499.99 | 9.6% |
| £41,500 to £54,999.99 | 10.2% |
| £55,000 to £74,499.99 | 11.3% |
| £75,000 and above | 11.7% |
To understand how the changes to contribution rates will affect you, you can use the Teachers’ Pensions calculator.
The content in this article was correct on 26/02/2015. You should not rely on this article to make important financial decisions. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.