Scottish Teachers’ Pension Scheme Funding for Colleges 2024-25
Purpose
- I am writing to announce the allocation of additional funding for colleges to support the change to the Scottish Teachers’ Pension Scheme (STPS) employer contribution rate 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, 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 £7.68 million for the college 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.
Payment of funds
- Payment will be made in full to colleges in February 2025.
Further information
- If you require any additional information, please contact Richard Maconachie, Director of Finance, email: rmaconachie@sfc.ac.ukor Catherine Atkinson, Senior Budgeting & Reporting Officer, email: catkinson@sfc.ac.uk in the first instance.
Richard Maconachie FCCA
Director of Finance
Annex A: STPS funding allocations for colleges 2024-25
| College | Total funding for pensions FY 2024-25 (£) |
|---|---|
| Ayrshire College | 339,854 |
| Borders College | 99,539 |
| Dumfries & Galloway College | 123,200 |
| Dundee & Angus College | 450,000 |
| Edinburgh College | 596,000 |
| Fife College | 854,036 |
| Forth Valley College | 307,379 |
| Glasgow Region | 1,674,720 |
| City of Glasgow College | 805,009 |
| Glasgow Clyde College | 545,706 |
| Glasgow Kelvin College | 324,005 |
| Highlands & Islands Region | 997,516 |
| UHI Argyll | 56,000 |
| UHI Inverness | 214,413 |
| UHI Moray | 161,000 |
| UHI Orkney | 63,000 |
| UHI Perth | 245,023 |
| UHI Shetland | 58,080 |
| UHI North, West & Hebrides | 200,000 |
| Lanarkshire Region | 718,654 |
| New College Lanarkshire | 513,654 |
| South Lanarkshire College | 205,000 |
| Newbattle Abbey College | 12,570 |
| North East Scotland College | 419,000 |
| Sabhal Mór Ostaig | 1,500 |
| SRUC | 233,232 |
| West College Scotland | 676,577 |
| West Lothian College | 173,069 |
| Total | 7,676,846 |
SFC Strategic Plan 2022-27
Building a connected, agile, sustainable tertiary education and research system for Scotland.