Pension Administration Services: Teachers’ Pension Scheme (TPS)

Description

The purpose of this Notice is to Notify of the outcome of the procurement for the provision of a new administration service to ensure the successful continuation of delivery of the Teachers’ Pension Scheme. Lot 1: The key requirement is to administer the Teachers' Pension Scheme (TPS) in accordance with the statutory regulations that govern the scheme. Those regulations are currently the Teachers’ Pensions Regulations 2010 and the Teachers’ Pension Scheme Regulations 2014 'the Regulations' as amended. The administrator will be required to work with the Department to ensure the regulations remain up to date and appropriate and will need to adapt the administration to ensure it remains compliant with and supportive of any changes introduced via regulatory change or case law; such as the McCloud/Sargeant judgment in respect of 2015 transitional arrangements. Administration of the Scheme must also comply with all other legislative requirements that have applied, apply, or will apply to the TPS. It is essential therefore that the contractor is proactive in monitoring, analysing, and adapting to new legislative requirements, ensuring the Scheme continues to adapt appropriately. The vision for the TPS is 'to ensure that the TPS offers an attractive, clear and cost-effective contribution to the total reward package for teachers, and thus, that it plays a full part in recruiting and retaining an excellent teaching workforce.' To support the DfE the TPS administration will be accepted as the best administered UK public service pension scheme. Providing an effective, fully digital, personalised service to our members with our partners at the centre of the administration design The TPS is a statutory, unfunded, defined benefit occupational pension scheme split into three distinct sections: • the Normal Pension Age (NPA) 60 section • the NPA 65 section (note: both these sections provide benefits based on final salary and length of service) • the 2015 section provides benefits based on career average earnings (CARE) and has a normal pension age equal to state pension age. Additional information: The Value of the Contract Excluding the optional up to 5 years extension options is: £173,951,390.15