Business
Head teachers’ union demands action over ‘failing’ pension scheme
BBCThe head teachers’ union has demanded action from the Department for Education (DfE) to address what it describes as the “failing” Teachers’ Pension Scheme.
The National Association of Head Teachers (NAHT) said there was a litany of problems with the scheme, which has two million members, including payment delays that have left many in financial disarray.
The union told BBC Radio 4’s Money Box it was “shocked” at the number of members contacting it for help.
The DfE said it understood the problems had caused frustration and it was continuing to work closely with the scheme to resolve the issues as soon as possible.
‘Deeply dissatisfied’
With members across England and Wales, the Teachers’ Pension Scheme is one of the largest retirement schemes in the UK.
Although day-to-day operations are outsourced to Capita, the DfE has overall responsibility for the scheme.
But in a letter seen by Money Box the NAHT said it had “serious concerns” about how it was being run, including significant delays for members being paid their pensions.
The letter also cited excessive waiting times for members trying to get through on the phone, poor communication from pension scheme staff, and unanswered and unresolved queries and complaints.
Describing its members as “deeply dissatisfied”, the union’s assistant general secretary James Bowen said it was clear the Teachers’ Pension Scheme was failing teachers and school leaders.
“It’s just frankly not good enough,” he said, adding that the department and the pension scheme needed to “get to grips” with the problems and accelerate resolving some of the queries.
“I think we need to see some strong leadership within the Department for Education and within the Teachers’ Pension Scheme,” he said.
“Probably the only other solution is to put some more capacity into that team so it can cope with the demand that appears, at the moment, to be overwhelming them.”
Joanne Hurst‘It’s diabolical’
After a 40-year career in education, starting as a nursery assistant before working her way up to head teacher of a primary school, Joanne Hurst has spent the last two years meticulously planning for her retirement.
She was due a lump sum pension payment on 1 September, which she had arranged to use to pay off her mortgage on that day. She was also expecting the first of her monthly pension payments in the middle of the month, but she has not seen a penny of either.
Ms Hurst said this has had “a huge impact” on her financially, costing her in lost interest and forcing her to pull money from other places to get by.
“That’s then had an impact on my mental health and well-being because I’m worried about when will this money come through,” she told the BBC.
She said trying to get answers out of the pension scheme had compounded her stress.
“Each time I ring Teachers’ Pensions I’m given different advice, conflicting advice,” she said.
“I think it’s diabolical. I think it’s grossly unfair for people who’ve worked all their lives [and] paid into a system.
“It’s not a charity, it’s something we are owed because we have paid into it.”
The NAHT’s Mr Bowen said he believed a lot of the problems stemmed from a legal judgement in 2018, which found that younger members of government schemes were effectively discriminated against.
That judgement led to the government changing public service pension schemes, including the way pension valuations were calculated.
In March, Teachers’ Pensions – which runs the Teachers’ Pension Scheme – said it had been waiting for that government guidance, and it had taken “a long time to agree for consistency [across all public service pension schemes] and to ensure calculations don’t need to be revisited”.
Mr Bowen said: “I’ve no doubt that is a huge part of [these delays] but I don’t think it explains it all.
“I think probably there is also a shortage of capacity there as well and those two things combined are probably creating the situation we find ourselves in now.”
In a statement, the DfE said: “We understand that this has caused frustration and are continuing to work closely with Teachers’ Pensions to resolve this issue as soon as possible,” adding that people can check the TPS website for updates.
Capita apologised for the delays and said active discussions were continuing to address the increase in the number of enquiries being made to Teachers’ Pensions.
New Delhi: The recently approved Integrated State and City Logistics Plan will help achieve India’s sustainability goals through the adoption of low- and zero-emission vehicles and the establishment of low-emission freight zones, reports have said.
The government launched the plan in collaboration with the Asian Development Bank (ADB) in eight cities across eight states, which will focus on evaluating existing logistics infrastructure, identifying bottlenecks, and preparing a roadmap for improvement.
The Centre has chosen Ludhiana, Shimla, Jaipur, Indore, Patna, Visakhapatnam, Bhubaneswar and Guwahati to develop integrated state and city logistics plans as part of a programme led by the Department for Promotion of Industry and Internal Trade (DPIIT), according to reports.
The logistics planners will prioritise freight demands from local retailers and e-commerce players, focusing on truck terminals, urban roads, and efficient last-mile delivery systems.
According to officials, these plans will later be replicated across the country to ensure seamless goods movement and stronger supply chain resilience.
The Asian Development Bank is offering technical support to align state-level logistics strategies with city freight networks and broader mobility goals.
Officials said that the dual focus on connecting growth hubs to major trunk routes at the state level and upgrading urban freight systems at the city level will enhance supply chain efficiency.
Sustainability measures being considered include the adoption of low- and zero-emission vehicles for last-mile delivery and implementation of noise-reduction measures.
DPIIT highlighted the importance of automation and data-driven decision-making in improving operational efficiency, cutting costs, and ensuring transparency in freight movement.
The planning for the project will take 6 to 8 months, a DPIIT official had informed, adding that if the plans are approved, the government may seek other support from the ADB for implementation.
New Delhi: Planning for retirement is no longer just about saving money but it’s about choosing the right investment that grows with you. One such option is the National Pension System (NPS), which opened up for the non-government sector in 2009. Over the past 16 years, it has steadily evolved into one of the most trusted retirement investment choices. With government-backed reforms, NPS has been shaped into a market-linked, flexible, and tax-friendly plan, making it a practical way for millions to secure their financial future.
Big Shifts in NPS Over the Years
In the past decade, the National Pension System (NPS) has seen significant changes—ranging from greater market exposure to revised tax benefits and updated withdrawal rules. Among the most recent updates is the launch of the Unified Pension Scheme (UPS), which has been introduced exclusively for central government employees, with the exception of those serving in the Indian armed forces. (Also Read: ITR Refund 2025: How Long It Takes, Tracking Status, And Common Delays Explained)
What’s Next for NPS? Upcoming Changes You Should Know
The National Pension System (NPS) is set to undergo another round of major updates, starting October 1, 2025. Among the key changes are the option to invest up to 100% in equities and the launch of a new Multiple Scheme Framework (MSF). In addition, the Pension Fund Regulatory and Development Authority (PFRDA) has rolled out draft proposals aimed at making withdrawal and exit rules much simpler for subscribers.
Key Upcoming Changes in NPS You Should Know
Here are some of the major updates coming to the National Pension System (NPS) in the months ahead:
100% Equity Investment Option (From October 1, 2025)
– Non-government sector subscribers will soon be able to invest up to 100% of their funds in equities under the new Multiple Scheme Framework (MSF).
– This offers higher return potential for those comfortable with stock market exposure, but also comes with higher risk due to market volatility.
Introduction of Multiple Scheme Framework (MSF)
– Until now, only one scheme could be operated under a single PRAN (Permanent Retirement Account Number).
– With MSF, investors can manage multiple schemes from different Central Record Keeping Agencies (CRAs) under one PRAN, giving them more flexibility and choice.
Simplified Exit and Withdrawal Rules
– PFRDA has proposed changes to make exiting and withdrawing from NPS more flexible.
– Exit after 15 years: Non-government subscribers may be allowed to exit after 15 years instead of waiting until retirement.
Higher lump sum withdrawals & easier partial exits: Investors may get more freedom to withdraw funds for needs like education, medical expenses, or building a home.
Major NPS Updates in the Past Year
Over the last year, the National Pension System (NPS) has gone through several important changes. One of the biggest was the launch of the Unified Pension Scheme (UPS)—introduced only for central government employees (excluding the armed forces), many of whom had been pushing for the return of the Old Pension Scheme (OPS).
However, the response to UPS has been lukewarm so far. To address this, the government has allowed a one-time switch option, giving employees the choice to return to NPS if they are not satisfied with UPS. (Also Read: Nifty Falls 3% In 7 Sessions As FIIs Pull Out Rs 30,141 Crore In September Amid Tariffs, Visa Fee Hike And Rupee Slide)
Alongside this, other changes are aimed at making NPS more attractive for investors. The upcoming 100% equity investment option could appeal to younger subscribers looking for higher returns, while simplified withdrawal and exit rules promise more flexibility and better liquidity for those needing access to their funds.
Tax Rules You Should Keep in Mind
Even with the new, more flexible withdrawal options, taxation still applies. Out of the 80 per cent lump sum withdrawal limit, only 60 per cent is exempt from tax, while the remaining 20 per cent will be taxed according to your income slab.
Business
‘For national & economic security’: Trump admin mulls chip-based tariffs on foreign electronics, says report – what it means – The Times of India
The Donald Trump-led US administration is considering a plan to impose tariffs on imported electronic devices depending on the number of chips in each one of them, Reuters reported, citing three sourcesUnder the proposal, the US commerce department would calculate tariffs as a percentage of the product’s estimated chip value, in a move designed to push manufacturers to shift production to America.
“America cannot be reliant on foreign imports for the semiconductor products that are essential for our national and economic security,” White House spokesperson Kush Desai told Reuters, regarding the matter.“The Trump administration is implementing a nuanced, multi-faceted approach to reshoring critical manufacturing back to the United States with tariffs, tax cuts, deregulation, and energy abundance,” Desai added.Uncertainty remains about the scope of products that would be affected, tariff rates, and possible exemptions. The commerce department was weighing a 25% rate on chip content, and 15% for electronics from Japan and the EU, though figures were still preliminary, a source told the agency.
What will be the impact if tariff gets imposed?
If implemented, the policy would apply to a broad range of consumer goods, from toothbrushes to laptops, potentially raising costs for US households. Economists warned it could also worsen inflation. According to Michael Strain, an economist with the conservative American Enterprise Institute, the move would push up consumer prices “at a time when the US has an inflationary problem, with inflation clearly above the Fed’s target and accelerating.”He added that even domestically produced goods could get costlier due to higher tariffs on imported inputs.Trump has already rolled out sweeping tariffs this year, including 100% duties on branded drugs and 25% on heavy-duty trucks. Earlier in April, his administration launched probes into pharmaceuticals and semiconductors, calling foreign reliance a national security threat.A potential exemption linked to investments in US manufacturing, dollar-for-dollar credits only if a company shifts half its production to America, has been discussed but not finalised. Meanwhile, earlier proposals to exempt chipmaking tools faced pushback from the White House, with sources saying Trump dislikes carve-outs. Taiwan Semiconductor Manufacturing Co. (TSMC) and South Korea’s Samsung Electronics, the world’s biggest non-US chipmakers, could be among the hardest hit.
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