If possible, we would like a pay element which allows us to deduct 5% of pensionable pay from net pay.
This request is due to the increase in the employer contribution rate for the Teachers' Pension Scheme. From 1 April 2024, the 'er rate increased from 23.68% to 28.68%.
As an independent school and following consultation with teachers, some teachers choosing to remain in the TPS opted for meeting the increased 'er contribution rate via their net pay.
Therefore, from April 2024, we will need to deduct 5% of pensionable pay from net pay. For now, we will be creating a pay element which deducts from net pay and entering the 5% manually for c. 30 teachers.
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