This article examines a national policy of performance-related pay for teachers in the educational context of England, as understood in relation to the concept of New Public Management. Using a mixed methods approach employing surveys and in-depth interviews, the article considers the perspectives of working teachers, thus engaging directly with those who might be incentivized (or disincentivized) by performance pay. Significant implications for the broader international policy context are drawn in terms of teachers' complex and problematic attitudes towards incentivization, particularly when performance pay is located within a wider agenda of New Public Management.