Consultations give Scheme Members and their Representatives an opportunity to have a say on any new proposals from the PSPA to amend public sector pension schemes, so that their views can be taken into account.
From time to time, this page will provide details about current consultations and have links to all documents produced from consultation exercises.
Consultation on the Teachers' Pension Scheme 2024
The Public Sector Pensions Authority is currently consulting on proposed amendments to the current Teachers’ Superannuation Order 2011. At present, this is based upon the pension provision for Teachers in England and Wales.
The purpose of this consultation document is to obtain views in relation to the draft Teachers Pension Scheme 2024 (the Amendment Scheme). The intention of the Amendment Scheme is to replace the current Teachers Superannuation Order 2011, and to replace it with a redrafted Scheme which is in a simplified prose and set out in format similar to the Isle of Man Government Unified Scheme 2011.
The aim of this new Scheme is to not only make the Scheme easier for Members and administrators to follow, but importantly to remove redundant references to UK and Isle of Man pension provisions and legislation that no longer apply to the Isle of Man Public Sector pensions and where necessary to replace with the respective updated reference. The proposed amendments include inflation proofing to the Annual Pensionable Pay used to determine the member’s contribution rate.
The proposed amendments only affect members of the current Teachers Superannuation Order 2011. The changes do not apply to any other public sector pension scheme that the PSPA manages. The proposed amendments do not have any detrimental impact on any membership group but rather seek to improve the clarity of the Scheme.
Please note, the proposed amendment will have no effect on the accrual rate of benefits (the rate at which pension benefits are built up).
View the consultation document PSPA Consultation on the Teachers' Pension Scheme 2024.