Teachers’ Pension Update

 

As you prepare for the submission of the Teachers’ Pension End of Year Certificate (EOYC), here are some key things to consider for the EOYC audit and the year to come.

 

Changes to employees contribution rates

 

As you will already be aware, the rates of employees’ contributions to the Teachers’ Pension Scheme changed back in April 2012 from the standard 6.4% for all employees to tiered contributions based on gross annual full-time equivalent salary rates.

 

In January 2013, the Department for Education announced changes to increase these contributions for the year to 31 March 2014. An additional tier was also added to split the original Tier 5 into two. Employer contributions rates remain unchanged at 14.1%.

 

1 April 2013 – 31 March 2014 Gross annual full-time equivalent salary rates Employee contribution rate
Tier 1

Up to £14,999

6.4%

Tier 2

£15,000 – £25,999

7.0%

Tier 3

£26,000 – £31,999

7.9%

Tier 4

£32,000 – £39,999

8.8%

Tier 5

£40,000 – £44,999

9.2%

Tier 6

£45,000 – £74,999

10.1%

Tier 7 £75,000 – £99,999

10.6%

Tier 8 Over £100,000

11.2%

 

 

1 April 2012 – 31 March 2013 Gross annual full-time equivalent salary rates Employee contribution rate
Tier 1

Up to £14,999

6.4%

Tier 2

£15,000 – £25,999

7.0%

Tier 3

£26,000 – £31,999

7.3%

Tier 4

£32,000 – £39,999

7.6%

Tier 5

£40,000 – £74,999

8.0%

Tier 6

£75,000 – £111,999

8.4%

Tier 7 Over £112,000

8.8%

 

 

Changes to the End of Year Certificate and Audit Timeline

 

There have been slight changes to the audit timeline for the year ended 31st March 2013:

 

 

Key considerations for the audit of the EOYC

  • Where are the payroll records held?
  • Can staff contracts be easily accessed for audit verification purposes?

 

Further information

 

Don’t hesitate to contact Christine Wilson on 01772 821021 for more information on the Teachers’ Pension Scheme.

 

Further information can also be found on the Teachers’ Pension website:  teacherspensions.co.uk

 

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