Half a million members of the Teachers’ Pension Scheme (TPS) in schools, colleges and universities face steep increases in their monthly contributions.
Chancellor George Osborne falsely claims that the TPS, reviewed and changed only four years ago, is unaffordable.
The government says it wants to implement the broad outlines of Lord Hutton’s report into public sector pensions.
At its core Hutton recommended that TPS members would pay in more; work longer—until at least 65 to get a full pension; and get a smaller pension payout.
At present, employees pay 6.4 percent of pay towards their TPS pension. The government wants to raise this to 9.8 percent by 2014.
That means, in three years’ time, a beginning teacher will lose £50 a month.
The executive of the NUT union says it will be necessary to take industrial action to defeat this attack. But it has yet to set a timetable for balloting members. This will be discussed on Thursday of this week.
Despite the restrictive anti‑union laws, teachers could strike alongside colleagues in colleges and universities during budget week, if the executive so decides this week.