The number of teachers opting out of the Teachers’ Pension Scheme has climbed 14% to 13,112 during the past 12 months, data collected by the Department for Education has revealed.

The cost of living crisis has helped fuel a 77% rise in the number of teachers quitting the Teachers Pension Scheme over the past year.

Specialist lender and savings provider Hampshire Trust Bank is to acquire Wesleyan Bank, the savings and ISA arm of Wesleyan Assurance Society.