Pensions contribution rates 2012/2013

From 1 April 2012 the contribution rate in the Teachers' Pension Scheme (TPS) will be tiered, and your contribution rate will be based on your full-time equivalent (FTE) salary.

If your FTE salary changes from one month to another, there may also be changes in the contribution rate you pay for your pension.

There are seven bands and the contribution rate for each band is listed below. This will be year one of three years of increased contributions in the TPS, which will be phased in between 2012 and 2014.

Contribution rates for 2013 and 2014 are still under negotiation. As soon as they are agreed, they will be shared with members.

Lower salary Higher salary Contribution rate 2012-13 Increase (over 6.4% rate)
- £14,999 6.4% 0
£15,000 £25,999 7.0% 0.6%
£26,000 £31,999 7.3% 0.9%
£32,000 £39,999 7.6% 1.2%
£40,000 £74,999 8.0% 1.6%
£75,000 £111,999 8.4% 2.0%
£112,000 - 8.8% 2.4%

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