Asked by: Baroness Wolf of Dulwich (Crossbench - Life peer)
Question to the Department for Education:
To ask His Majesty's Government how much in total was paid to the Teachers' Pension Scheme by (1) teachers, and (2) employers, in (a) 2021, (b) 2022, and (c) 2023; and how much was paid to retired teachers in pension payments in each of those years.
Answered by Baroness Smith of Malvern - Minister of State (Department for Work and Pensions)
In the 2020/21 financial year, a total of £2.48 billion was paid by members into the Teachers’ Pension Scheme (TPS), and £6.15 billion was paid by employers over the same period. £9.41 billion was paid to retired members of the TPS within this financial year.
In the 2021/22 financial year, a total of £2.57 billion was paid by members into the TPS, and £6.357 billion was paid by employers over the same period. £9.563 billion was paid to retired members of the TPS within this financial year.
In the 2022/23 financial year, a total of £2.65 billion was paid by members into the TPS, and £6.58 billion was paid by employers over the same period. £9.93 billion was paid to retired members of the TPS within this financial year.