TPS pensions: government must cover shortfall

Changes to the Teachers' Pension Scheme (TPS) could cost colleges and universities nearly £300 million in additional costs. 

The recent valuation has indicated a big increase to employer's pension contributions an extra 5% to 7% on top of the current 16%. It also indicates an improvement to career average member benefits at no increased cost to members.

In an article for Left Foot Forward UCU's Matt Waddup calls on the government to clarify the situation and confirm that they will provide extra funding to offset the shortfall.