Teachers' Pension Scheme Administration Service
Department For EducationEstimated Value
Not specified
Deadline
Not specified
Published
25 April 2018
Type
Not specified
Overview
See 'Attachments' for full description. This service provides for the collection of all pension contributions from currently employed teachers within England and Wales and payment of retirement pensions and lump sums.
The TPS is the second largest public sector pension scheme in England and Wales, with over 1.9m members. The TPS is a high volume transactional service that collects contributions that total £6bn, whilst also paying out pensions and lump sums that total £9.5bn annually.
Contributions are collected from member employers and these number approximately 9,500. Member employers pay scheme contributions equivalent to 16.4% of the member's pensionable salary, plus an additional 0.08% to meet the costs of scheme administration. The TPS is regulated in line with pension Regulations and subject to regular external scrutiny from the National Audit Office.
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Department for EducationKey Dates
Published
25 April 2018
Submission deadline
Not specified
Notice type
planning
Source
contracts finder
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