| The Facts About Our Pensions The government wants us to : Work Longer Under 34? Work till 68 for a full pension Aged 34 to 42? Work till 67 Aged 43 to 57? Work till 66 Pay More The Government wants to increase your contributions by more than half - from 6.4 per cent to as much as 9.8 per cent This will cost NQTs up to £61 per month and UPS3 teachers up to £102 per month Get Less The Government has already imposed the change from RPI to CPI indexation. This costs a teacher on the average £10,000 pension more than £35,000 over a 25-year retirement Proposed move to “career average” not “final salary”: Think back to what you were earning when you started teaching and you can see how the average will differ from your final salary. What We Want The NUT is calling for the Government to do the following: Withdraw the RPI/CPI switch already imposed Withdraw its proposals to increase contributions and pension Stick with the current Final Salary scheme Carry out the valuation of the Teachers’ Pension Scheme (two years overdue) on the same basis as it has been carried out previously Honour the 2006 agreement and use it to discuss and decide changes if any are needed Enter into meaningful negotiations with us and other unions on the issue of public service pensions The NUT and ATL want a future with a decent and affordable pension. We want to change the Government's mind before it makes unnecessary and unfair changes. If we are to do this, we feel we have to act now. |
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