The annual scheme statements summarise the combined transactions of the Teachers Superannuation Scheme and the Teachers Premature Retirement Compensation Scheme, which are both administered by the Department of Education.
The Teachers Superannuation Scheme is an unfunded, defined benefit scheme to which teachers and their employers contribute. The current regulations under which the scheme operates are the Teachers Superannuation Regulations (NI) 1998 (as amended), and the Teachers Pension Scheme Regulatins (Northern Ireland) 2014.
The Teachers Premature Retirement Compensation Scheme provides a range of compensation benefits for teachers who leave service before their normal retirement age. The current regulations under which the scheme operates are the Teachers (Compensation for Redundancy and Premature Retirement) Regulations (Northern Ireland) 2010 S.R. 2010 No 136.
The Teachers Superannuation Scheme Statements are prepared on an annual basis to the year ending 31 March. The accounts are made available after they have been laid before the Northern Ireland Assembly.