Pension services for Independent Schools

Expert advice, guidance and support

Teachers' Pensions
LGPS
Growth Plan
isps

Independent Education Sector Expertise

Over the past ten years we have worked with a large number of independent schools. We were appointed sole actuarial and investment adviser to the Employer Committee of the TPT Growth Plan in 2014 (many independent schools use the Growth Plan for the pensions of their support staff) and in 2018 we were appointed to the same formal advisory role for the TPT Independent Schools’ Pension Scheme. We have also advised independent schools with regard to their participation within the Local Government Pension Scheme (LGPS). In addition we are currently advising numerous independent schools with regard to the Teachers’ Pension Scheme and a recent client testimonial is shown below.

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“We engaged Broadstone to help the School consider the options available to us in respect of the Teachers’ Pension Scheme (TPS). Broadstone had previously given a very well received financial education presentation for the teachers that covered the basics of the TPS and the differences between a Defined Benefit and Defined Contribution pension scheme. Neil Barton and the team were there to assist and support us every step of the way.

Broadstone also helped us by promptly answering any ad-hoc technical questions, drafting and reviewing employee communications, and then delivering a group presentation during the consultation process as well as providing 1-2-1 guidance sessions for individual teaching staff here at the School.

Broadstone also produced detailed illustrations covering different groups and various scenarios, which were highly instructive.  I would be happy to recommend them to any independent school that requires expert pension scheme advisory services.” – Charles Mathias – Bursar at Unicorn School in Richmond.

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The Teachers’ Pension Scheme

Since 2019 we have been working with many schools in respect of their participation within the Teachers’ Pension Scheme (TPS) – we have successfully assisted schools to consider their position within the TPS and the options available to them, particularly in light of the September 2019 43% increase in the employer contribution rate. It is widely believed that this rate will increase again in the next few years following the completion of the 2020 actuarial valuation of the TPS. Many of the schools we have worked with have now exited the TPS and replaced it with a high quality defined contribution scheme – and in doing so have removed the future risks associated with remaining in the TPS.

If you believe that we can be of any assistance whatsoever then please do not hesitate to get in touch.

Recent Teachers’ Pension Scheme Posts

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Pensions

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Pensions

Teachers’ Pension Scheme – to leave or not to leave?

We have recently had a number of interesting conversations with independent schools in light of the forthcoming (September 2019) 40% increase to employer contributions for the Teachers’ Pension Scheme (TPS).
Teachers’ Pension Scheme – lessons learned in the first half of 2019
Employee Benefits, Investment, Pensions

Teachers’ Pension Scheme – lessons learned in the first half of 2019

Since our last blog posting back in March, things have moved on considerably with regard to the participation of independent schools within the Teachers’ Pension Scheme (TPS). We have had
Teachers’ Pension Scheme employer contribution increase – a step too far for the independent education sector?
Employee Benefits, Pensions

Teachers’ Pension Scheme employer contribution increase – a step too far for the independent education sector?

Along with almost every school in the state sponsored ‘maintained’ sector, many independent schools also offer teaching staff membership of the Teachers’ Pension Scheme (TPS). The TPS is a government

Get in touch

Broadstone is a team of experts who are passionate about the ever-changing world of pensions and benefits. As such, they have hundreds and thousands of ideas, views and events to share with you to meet your business needs. Our business believes and promotes a people first culture, both internally and to you, our clients.

We believe in our core values and the culture they deliver. We know that when we all work as a team and combine our vast reservoir of expertise and knowledge, we will deliver results to our clients, maintaining the personal touch that can be so often missing in today’s business world.

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