Education and Skills Funding Agency’s Post

The employer contribution rate for the Teachers’ Pension Scheme (TPS), a defined benefit scheme, increased by 5% this month. While the Department of Education is providing additional funding to directly funded scheme employers, such as state schools, to cover the increase in the employer contribution rate, higher education providers and independent schools are not eligible for this and face additional costs. Stuart Price breaks down what this change means for independent schools and the options available to them: https://lnkd.in/e8reWry6 #ISBA #schools #education #school

Guidance finally published on the funding schools can expect to offset the 5% rise in employer contributions to the #teacherspensionscheme Allocations not yet confirmed, but at least they’ve included a handy ready reckoner to estimate what schools will receive so I can start getting this in my budgets. https://lnkd.in/eEe5NPpP #tps #tpecg

🌹 The Rose of Tralee has wrapped up, and you know what that means—back to school is just around the corner! 🎒 As the kids return to their classrooms, we’re heading into the final quarter of the year. And BUDGET season! 💼 Understanding next year’s costs is crucial. Whether it’s Auto Enrolment or an Occupational Pension Scheme, the decision will need to be made soon. But what are the costs and implications? 🤔 Follow me and keep up to date with everything you need to know about Auto Enrolment. #Kota #BackToSchool #BudgetSeason #FinancialPlanning #Pension #CostsAndImplications #Autoenrolment

To provide extra clarity, the Education and Skills Funding Agency (#ESFA) has amended the 2024 to 2025 #teachers’ #pension employer contribution grant (TPECG 24 - link below) and teachers’ pay additional grant (TPAG - link in comments) 2024 to 2025 documents. The amendments were made to the: ➡️ methodology documents – providing additional explanation of the data sources for the allocation calculations ➡️ allocation tables – providing extra clarity on the calculation of the grant

Interesting to see the headlines today about reform of the LGPS. I have always wondered why Canadian teachers own quite so many UK assets (e.g. the Ontario Teachers Pension Fund has cropped up in a number of my cases). I will be intrigued to read the detail of the proposals when they are published, what they will mean for local government, and whether they will in fact lead to more investment in larger projects in the UK. https://lnkd.in/eTM2nade

Our evaluation of Restart, undertaken in partnership with Ipsos, has now been published. 📑   https://lnkd.in/e9BVtU4G Department for Work and Pensions (DWP) launched Restart in response to an increase in unemployment following the COVID-19 pandemic. Our research aimed to: 💡 Inform improvements to the service ✍️ Shape the design of any successor programme 🔍 Build the long-term evidence base for similar future programmes We found the scheme was generally effective, particularly for people with less significant barriers. However, consideration is needed on how future programmes can support those with health conditions, a key concern with rising levels of ill health. Discover the findings in full: https://lnkd.in/e9BVtU4G

💡 Did you know you don’t need a salary or even to be over 18 to contribute to a pension in the UK? 💼 Even without earning, you can pay up to £2,880 a year into a pension and get a government top-up, turning it into £3,600 annually! 💰✨ Good news for those on a career break or starting to plan early for your children's future. 🌟 𝘗𝘭𝘦𝘢𝘴𝘦 𝘯𝘰𝘵𝘦 𝘵𝘩𝘢𝘵 𝘵𝘩𝘪𝘴 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢𝘥𝘷𝘪𝘤𝘦 𝘢𝘯𝘥 𝘸𝘦 𝘸𝘰𝘶𝘭𝘥 𝘢𝘭𝘸𝘢𝘺𝘴 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵𝘪𝘯𝘨 𝘢 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘳𝘦𝘨𝘢𝘳𝘥𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘱𝘦𝘯𝘴𝘪𝘰𝘯 𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴. 𝘉𝘢𝘴𝘦𝘥 𝘰𝘯 𝘜𝘒 𝘭𝘦𝘨𝘪𝘴𝘭𝘢𝘵𝘪𝘰𝘯. #PensionTips #FinancialPlanning #SmartSaving #FutureProof

Businesses can lower their National Insurance Contributions (NICs) through various methods. If their NICs were below £100,000 in the previous year, they can claim up to £5,000 off their annual NICs bill through the Employment Allowance. Employing apprentices under 25 and implementing salary sacrifice schemes, where employees exchange part of their salary for benefits like pensions or childcare, can also help reduce NICs. Additional incentives may be available, so consulting a tax advisor is recommended to stay informed and maximize savings. #uktax #taxation #taxsavings #taxadvices #taxpayers #taxupdates #smallbusinessowners

Q. What are the eligibility criteria for Section 10(10D)? You need to be an EPF member with the age of 58 years or 50 years for reduced pension to be eligible for the exemptions under section 10(10D). #EPF #finance #learning