About the Scottish Teachers’ 2015 scheme
The Scottish Teachers’ Pension Scheme 2015 replaced the previous scheme on 1 April 2015. All new teachers in Scotland are now automatically enrolled in the scheme when they take up a teaching post. Additionally, if you’ve previously been a member of one of the earlier Scottish teachers’ pension schemes, you may have been transitioned to the 2015 scheme already – or you will be at an agreed date in the future.
The Teachers’ 2015 scheme is a high quality workplace pension scheme that offers defined benefits at retirement and protection for your dependents based on your career average earnings.
- Career average revalued earnings scheme which provides benefits based on your earnings each year which are revalued annually to keep pace with inflation.
- Current accrual rate of 1/57 of pensionable earnings in each year.
- Revaluation for current members is linked to Consumer Price Index plus 1.6%.
- Revaluation for deferred members is linked to Consumer Price Index.
- Options to transfer in service from other pension schemes.
- Normal pension age linked to your State Pension age.
- Tax-free lump sum option at retirement – £12 of lump sum for every £1 of annual pension given up with a current maximum of 25% of your pension fund.
- Valuable death benefits for your dependents including lump sum on death in service of 3 x full-time equivalent salary. •
- Ill health retirement options if you’re permanently unable to work as a teacher or if you’re permanently unable to undertake any paid work.
- Actuarially fair early/late retirement factors on a cost-neutral basis except for those with a normal pension age above age 65 who’ll have early retirement factors of 3% per year for a maximum of 3 years in respect of the period from age 65 to their normal pension age.
- Phased retirement arrangements with the additional option of a third drawdown of benefits after your 60th birthday.
- Flexibility to choose to pay a higher contribution rate in return for a higher accrual rate.
- Option for those with a normal pension age of over 65 to pay additional contributions to reduce or remove any early retirement reduction that would apply, if you retire before your normal pension age.
Work out how much you’re likely to receive in retirement
How much is your pension worth?
More information on becoming a member
Your guide to personal contributions
What happens if you opt out of the scheme or leave teaching.
How to move former pensions to your teachers’ scheme
Valuable protection for your dependents
What happens if you’re being transitioned to the 2015 scheme?
Options to boost your retirement funds