Although both schemes are unfunded, they use a notional fund as the basis for calculating the employer's contribution rate to be paid by all local education authorities/NHS bodies. However, it is not possible for the council to identify a share of the underlying assets and liabilities of either scheme attributable to its own employees. For the purposes of this statement of accounts, they are therefore accounted for on the same basis as a defined contribution scheme.
In 2025/26 the council has paid £32.95m (2025/26 £31.33m) to the Teachers Pensions Agency in respect of teachers' retirement benefits, which represented 28.68% of pensionable pay in 2025/26 (2024/25 23.68%). At 31 March 2026 the pension contributions due to the scheme in respect of the salaries were £2.234m (£2.67m as at 31 March 2025). The teachers' pensions employer's contributions due to be paid in the next financial year are estimated to be £35m.
The council is responsible for the costs of any additional benefits awarded upon early retirement outside the terms of the scheme. In addition, the council is responsible for all pension payments relating to added years it has awarded, together with the related increases.
In 2025/26, the council has paid £0.019m (2024/25 £0.019m) to the NHS Pension Scheme in respect of public health employees' retirement benefits, which represented 14.38% of their pensionable pay for the year (14.38% in 2024/25). At 31 March 2026, the pension contributions due to the scheme in respect of the March 2026 salaries were £0.002m (£0.002m as at 31 March 2025). The NHS pensions employer's contributions due to be paid in the next financial year are estimated to be £0.020m.
The council is responsible for the costs of any additional benefits awarded upon early retirement outside the terms of the NHS Pension Scheme.
The council has identified no material contingent liabilities.
The council has identified one potential contingent asset relating to a development contract. The estimated value of the claim is £4m.