Independent advice on schools and teachers’ pensions
Moore Kingston Smith Financial Advisers, through our acquisition of the Pilot Financial team in March 2023, provides specialist, independent advice on schools and teachers’ pensions, as well as other workplace pension schemes. More broadly, we offer consultancy on a wide range of employee benefits, working with governors, bursars, head teachers and management teams to design and implement attractive and cost-effective reward structures. Contact us to see how we can help you.
Our team of employee benefit consultants has been operating in the independent school sector for over a decade, and we act as pension and employee benefit advisers to schools of all types and sizes across the country.
Our services, either on a retained or project-specific basis, include:
- Workplace pension scheme reviews and ongoing scheme governance.
- Staff presentations and 1:1 retirement planning and financial wellbeing support.
- Group protection (life assurance, income protection and critical illness) and group healthcare advice and arrangement.
- Employee benefit reviews.
- Pension annual allowance planning for head teachers and other senior employees.
Given the steep increase in employers’ contributions to Teachers’ Pensions, we offer advice and impartial guidance on various strategic options. Where alternative solutions are being considered, we support schools through the planning, consultation and implementation phases of any proposed changes.
We also work directly with teachers, using our in-depth knowledge of Teachers’ Pensions and other workplace and personal pensions to provide a retirement guidance service.
Teachers’ Pensions review services
The increase in employers’ Teachers’ Pensions contributions from 16.48% to 23.68%, and potentially higher in 2024, is causing many independent schools to question the appropriateness and sustainability of ongoing scheme membership. We are ideally placed to facilitate a strategic review of Teachers’ Pensions, with an informed and independent perspective on the key issues and risks.
We offer advice and deliver valuable support at each stage of any potential consultation with staff on the introduction of an alternative workplace pension and benefit package. This includes:
- Decision-making.
- Planning and consultation.
- Implementation.
Services to schools
Schools are under increasing pressure to develop a pensions and employee benefit strategy. Normal retirement ages are moving upwards towards 68 with potentially significant implications for overall remuneration costs, as well as the incidences of long-term sickness and absence. A longer working life and the rising cost of living means more flexible workplace pension and employee benefit arrangements are increasingly desirable.
Increases in employer pension contributions, combined with rising costs in other areas, and the risk of adverse tax changes for independent schools make a well-designed pension and benefit strategy critical to the financial sustainability of schools.
We offer consulting services in the following areas:
- Employee benefit solutions.
- Defined contribution (DC) pension scheme consulting.
- Retirement planning support.
- Staff engagement and financial education.
- Head teacher and senior employee pension advice.
Advice for teachers
We offer specialist, independent support and guidance to teachers on Teachers’ Pensions and other pension and personal financial matters. This includes:
- Retirement and early retirement planning.
- Phased retirement.
- Review of Teachers’ Pensions benefits following the McCloud judgement.
- Retirement and re-employment in a part-time role.
- Enhancing pension benefits.
