Pension services

Tender 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 1 900 000 members. The TPS is a high volume transactional service that collects contributions that total 6 000 000 000 GBP, whilst also paying out pensions and lump sums that total 9 500 000 000 GBP 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. See Contracts Finder https://www.contractsfinder.service.gov.uk/Notice/061468ee-7ecb-4de8-b12f-8679d7f639a8 for a full description.