BY RICHARD TAYLOR On 1 July this year, the Government Actuary’s Department (GAD) told us the Teachers’ Pension Scheme (TPS) for England and Wales (TPS) had magically gotten £3.3bn a year cheaper! It hasn’t. From April 2027, the employer contribution to teachers’ pensions falls from 28.68% to 17.68% of salary, yet every teacher will still retire on exactly what they were promised before, in a … Continue reading The £309bn Pension Fund That Doesn’t Exist