Head Teachers often face complex financial issues that are unique. Given the demands of Headship, many are unable to devote as much time to organising their own affairs as they need to. More often than not the school comes first!
We are here to ensure your financial needs are managed with maximum efficiency and minimum hassle. We are the longest running UK team that specialises in working with Head Teachers and we understand the financial issues they face.
Efficient Structuring of Remuneration for Heads / Teachers
Schools appointing new Heads and members of the SMT have to carefully consider how their remuneration is delivered in the light of changes to tax legislation, pension legislation and Teachers’ Pensions Scheme Rules. These include
- The tiered TPS Contributions for members’ own contributions
- Excessive pension accrual for those accepting promotion or pay rises (Pension Accrual Tax)
- Understanding the Restricted Salary Provision within the TPS, and the overpayment of TP contributions
- Residential Emolument considerations
- Salary Sacrifice, the pros and cons
- Company car provision, the pros and cons
- School fees discounts, how best to structure
Governors are keen to ensure they deliver the overall remuneration package in the most efficient manner possible. Our role is to look at the needs of the individual and school, to deliver their benefits in the most beneficial manner.
Many long serving Heads that are approaching retirement often need help and support in understanding how best to take their retirement benefits. It is often the case that Governors are willing to assist a Head with their retirement planning and our job is to ensure the retiring Head derives best value from the Governor’s generosity.
Successful retirement strategies are often designed 3 to 5 years out, but are also equally effective within the last year or so before retirement.
We use our expert knowledge of the Teachers’ Pension Scheme and Tax Legislation to construct a bespoke strategy that will maximise benefits within the TPS. We follow all the accepted guidelines and rules as laid down by the TPS and can even obtain their written consent that our strategy is acceptable.
We are retained by both individual Heads and by Schools when constructing retirement strategies.