Teachers' Pension Scheme - PIAs
benjaminfabi
Moderator
Hi,
A member has active CARE and legacy 80ths in TPS.
When I've had the 2023/24 PIA statement, the CPI uplift to the 80ths section creates a negative input amount.
Rather than take this as zero, the scheme has taken the negative value away from the CARE PIA.
80ths is say -£6k
CARE is say +£13k
TPS is telling me that the PIA is +£7k.
First time I've seen this, and I've known this scheme to get things wrong. Is this the correct way to treat the 80ths PIA?
Benjamin Fabi
Comments
So I can't say that my knowledge of the teacher's pension scheme is huge, but I believe there was a change to all public sector pension schemes in the Spring budget 2023 (actual legislation is here fyi: https://www.legislation.gov.uk/uksi/2024/357/made ) which meant that public sector pension schemes could now offset negative pension input against positive pension input in their pension schemes in the same tax year. NHS pensions has quite a good explainer of it in the attached document.
So I would say that the PIA is probably correct in this.
Nice, thank you. Hadn't noticed that slip into the rules.