Changes to the teachers pension scheme

The reforms - which come into force on April 1st 2015 - will reduce the average value of the pension benefit by more than one third from 23% of the scheme member's salary to 14%, according to the Pensions Policy Institute.

At the same time, members' contributions have been rising from a flat rate of 6.4% in 2011/12 to a range from 6.4% for those earning less than £15,000 to 11.2% for those earning £100,000 or more in 2013/14. According to the institute, contributions will rise by an average of 3.2% with the new career average scheme.

The normal pension age will rise in line with the state pension age, from the current normal pension age (NPA) of 60 if you joined the Teachers' Pension Scheme before 2007 or 65 otherwise. Members can still choose to retire earlier, but their pension will be reduced to reflect the longer time that they will draw benefits.

Tapered protection will extend for three and a half years beyond the full protection for those within 10 years of their current NPA on 6 April 2012.