The West Midlands Pension fund is part of the Local Government Pension Scheme ( LGPS ) managed by Wolverhampton Borough Council. The Scheme offers staff a pension that is index-linked and a generous tax-free lump sum. Valuable family protection is also provided, such as spouse’s and children’s pensions and death-in-service benefits. Staff automatically join the scheme on appointment unless they inform the College that they do not wish to join, before they start.
The Teachers’ Pension Scheme (TPS) is a contributory scheme and automatically covers full-time and part-time teachers who have not previously opted out of the scheme. The scheme pays guaranteed benefits which are protected against inflation. The benefits are an annual pension and a tax-free lump sum. Existing members from 1 January 2007 have a Normal Pension Age of 60. New entrants to the TP Scheme from 1 January 2007 have a Normal Pension Age of 65. You can also get ill-health benefits, death and family benefits. The scheme is a final salary scheme.