TPT Retirement Solutions has launched a pensions scheme specifically for the education sector, it has revealed.

The Pension Scheme for the Education Sector (PSES) will include both defined contribution and defined benefit provision, to “offer a more flexible solution to retirement provision”.

PSES will be open to employer applications from 1 March 2019 and to membership from 1 September 2019.

TPT Retirement Solutions chief executive, Mike Ramsey, said: “Many schools are facing a large increase in their contributions to the Teachers’ Pension Scheme later this year and our new scheme offers schools and educational organisations an option that includes both DC and DB provision.

“We already work with over 200 schools and look after the pensions of over 25,000 people working in the education sector. This is an exciting step forward for TPT as we grow our business and we look forward to working with more schools.”

The provider already operates its existing Independent Schools’ Pension Scheme, a DC scheme with more than 80 schools and 5,000 employees.

Last month, the government launched a consultation on a £1.1bn increase to the troubled Teachers’ Pension Schemes, comprising of a £830m for state-funded schools and £80m each for further education and higher education colleges.

Many independent schools are concerned they will not receive enough of the funds.

The consultation proposed that schools’ contribution will rise to 23.6 per cent, a rise 43 per cent from the current rate, which is 16.48 per cent.

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