Teachers' Pension Scheme Administration Service

Tender description

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.