The Northern Ireland Teachers' Pension Scheme (NITPS) From 1 April 2015
From 1 April 2015 the NITPS is changing from a final salary scheme to a Career Average Revalued Earnings (CARE) Scheme, and the way your pension benefits are calculated may change. If you are a deferred member and decide to return to teaching, the changes introduced to the Northern Ireland Teacher's Pension Scheme (NITPS) from 1 April 2015 could affect you.
Some members will not be affected by the changes and will remain in final salary arrangements. Others will start to have their benefits calculated using a combination of career average and final salary arrangements. A new entrant who joins the NITPS on or after the 1 April 2015 will have their benefits calculated using career average arrangements only.
The following documents are for information purposes and if there is any differences between the legislation governing this scheme and the information contained within, the legislation will apply.
These give an awareness of the changes from 1 April 2015:
These provide members with further insight into the changes from 1 April 2015:
- Factsheet 1 An introduction to the changes to the NITPS
- Factsheet 2 ill health arrangements
- Factsheet 3 Bereavement and nominations
- Factsheet 4 Retirement
- Factsheet 5 Breaks in service and transfers
- Factsheet 6 Increasing your pension
The Department held a pension roadshow from 13 January to 14 February 2015 throughout the province with various teacher unions to inform members of the forthcoming changes. The slides from the roadshows are available for those who were unable to attend
Frequently asked questions
The Department produced frequently asked questions in relation to the changes to the NITPS from 1 April 2015
Employer payroll Guide
The Employer Payroll Guide provides information for employers and payroll managers on the changes to the NITPS from 1 April 2015.
HMRC - National Insurance contribution changes
Due to the end of contracting-out for defined benefit schemes (such as the Teachers' Pension Scheme), HMRC will be making some changes to the rate of National Insurance contributions you'll be paying from April 2016. This will be changing from D rate to A rate, which means a higher rate of contributions.
To find out more contact HMRC directly, or ask your employer for further information.
For further information the Department for Work and Pensions and HMRC have created a simple factsheet to help you understand how the changes will affect you.
For more information, contact the Teachers' Pensions Team.