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No extra funding for Teachers’ Pension Scheme

The Department for Education has confirmed that there will be no government funding to help universities cover the cost of increased contributions to the Teachers’ Pension Scheme.

From September, contribution rates for employers that offer the TPS—which includes about 70 post-1992 universities—are due to increase from just over 16 per cent to more than 23 per cent. The move has been estimated to cost the institutions a combined £140 million per year.

However, while ministers announced today that affected state schools and colleges will receive an extra £940 million from government to help cover costs, universities will not receive any cash boost.

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