Many schools are moving forward with plans to implement change, varying from withdrawal from TPS to remaining in it, with contractual variations.
There continues to be much debate about the operation of parallel pension schemes, with the ability to cap total pay and benefits and to help manage the increased costs. We understand the importance to schools of assessing all the available options in this developing area given the potential impact. Accordingly, we have invested in obtaining QC's advice to confirm that this option is legally viable, as long as it is structured carefully. We have developed some FAQs about this approach to help provide better insight to aid discussions with trustees and governing bodies.
We have also updated our TPS options table. Schools will have many reasons for adopting different models in response to the TPS challenge, and we will be delighted to support schools in making the right decision for their teachers and community.
Many schools and their staff, over the years, will have benefitted from salary sacrifice schemes (when the employee exchanges part of their salary for benefits from their employer) and the tax savings they have brought. When assessing TPS options, it is important to be aware that:
Effective consultation with staff is key to the successful implementation of any change. eLearning Solutions can support the consultation process at your school by helping you to circulate proposals, briefing notes, updates from the SLT, FAQs, consultation feedback and proposed contractual variations to all affected staff. The software tracks that the documents have been read and records changes agreed by staff members at the conclusion of the consultation process.
Visit our website, or get in touch with Imogen Street at istreet@vwv.co.uk or on 07384 545998 to find out more.