TF31001–TFS Schema Version did not match the expected value

After updating my local test instance of TFS2010 to service pack 1 I came across the following error when trying to connect to a team project collection:

I launched the TFS Administration Console and selected the Default Collection from the Team Project Collections section, my first thought was to try stopping and starting the Default Collection. After shutting down the Team Project Collection I noticed under the status tab ‘Servicing Collection’ job had been queued for  some time for the Team Project Collection.

I launched services manager and found that the Visual Studio Team Foundation Background Job Agent was disabled. I enabled this service and rerun the job. After a minute or so the job changed from queued to success. Ensuring the Team Project Collection was back online I was able to successfully connect to the Team Project Collection.