Teacher's pension contributions will increase from 16.48% (in 2018-19) to 23.6% (for the period 1 September 2019 to 31 March 2023). The government estimates that, for 2019-20, this increase will cost state-funded schools £830 million and further education (FE) institutions £80 million.
The Department for Education (DfE) is proposing to “provide funding towards” the £830 million (in state-schools) and the £80 million (in FE institutions) for the costs incurred in 2019-20. However, according to FE Week (external link) “any further funding [beyond 2020] would rely on the government’s spending review” scheduled for next year.
This week, the DfE is running a public consultation on the changes and, specifically, on their plans to provide 2019/20 funding towards the contribution costs. Click here (external link) If you would like to participate in the consultation. Closing date 12 February 2019.