Scottish Teachers’ Pension Scheme and NHS Pension Scheme Funding for Universities 2024-25
Purpose
- I am writing to announce the allocation of additional funding for universities to support the change to the Scottish Teachers’ Pension Scheme (STPS) and NHS Pension Scheme employer contribution rates for the period April 2024 to March 2025.
Background
- Following on from the STPS employer contribution rate increase from 23.0% to 26.0% from 1 April 2024, and the NHS Pension Scheme employer contribution rate increase from 20.9% to 22.5% from 1 April 2024, the Scottish Government has advised that funding allocations from the UK Government for the period 1 April 2024 to 31 March 2025 have now been confirmed, with the Scottish Government agreeing to provide additional funding of £5.83 million for the university sector.
- Having worked with the sector to determine the projected increase in costs during the period 1 April 2024 to 31 March 2025, SFC is now able to confirm institution level funding which is shown in Annex A.
- You should note that the funding provided covers the additional costs incurred in the period to 31 March 2025.
- The pensions funding provided for SRUC is included in the college funding announcement.
Payment of funds
- Payment will be made in full to universities in February 2025.
Further information
- If you require any additional information, please contact Richard Maconachie, Director of Finance, email: rmaconachie@sfc.ac.ukor Graeme Scotland, Senior Budgeting & Reporting Officer, email: gscotland@sfc.ac.uk in the first instance.
Richard Maconachie FCCA
Director of Finance
Annex A: STPS and NHS Pension Scheme funding allocations for universities 2024-25
| Institution | Total funding for pensions FY 2024-25 (£) |
|---|---|
| Aberdeen, University of | 48,000 |
| Abertay University | 312,843 |
| Dundee, University of | 91,549 |
| Edinburgh Napier University | 1,331,000 |
| Edinburgh, University of | 195,721 |
| Glasgow Caledonian University | 1,037,000 |
| Glasgow School of Art | 305,077 |
| Glasgow, University of | 185,907 |
| Heriot-Watt University | 5,082 |
| Highlands & Islands, University of the | 0 |
| Open University in Scotland | 0 |
| Queen Margaret University, Edinburgh | 383,449 |
| Robert Gordon University | 454,831 |
| Royal Conservatoire of Scotland | 240,000 |
| SRUC * | – |
| St Andrews, University of | 13,307 |
| Stirling, University of | 0 |
| Strathclyde, University of | 2,408 |
| West of Scotland, University of the | 1,222,059 |
| Total | 5,828,233 |
* Included in college announcement
SFC Strategic Plan 2022-27
Building a connected, agile, sustainable tertiary education and research system for Scotland.