Pensions
The College provides two pension schemes for its staff:
- Superannuation Arrangements of the University of London - SAUL (for staff in Grades 1 to 5)
- Universities Superannuation Scheme - USS (for staff in Grades 6 to 9)
For more information, please visit the relevant schemes websites using the links above from where you can download important relevant information on each scheme.
The College has also introduced PensionsPlus (as part of BenefitsPlus) for eligible employees in USS and SAUL Pension schemes. PensionsPlus represents a change to the way that pension contributions are paid. Please download the booklet at the bottom of this page to find out how this scheme can benefit you.
For general information about either of the schemes, please contact a member of staff in the HR Operations team.
Review of USS Pension Scheme
Changes to the USS Pension Scheme will come into effect from 1 October 2011. Please visit the following page of the HR website which provides further information about the Review of USS. If you are a member of USS, please make some time to look through it.
News about SAUL Pension Scheme
Like USS, SAUL is not immune from the funding pressures that falls in interest rates, volatile equity markets and people living longer have caused. SAUL's problems are not as acute as those of USS, in part because of a different investment strategy. Despite this, the cost of pension provision in SAUL is rising and employers simply are not able to pay increasing sums into the pension. The SAUL Trustee recognises this and has asked the SAUL Negotiating Committee (which comprises 6 Union appointed members and 6 Employer appointed members) to work with the SAUL scheme actuary on seeing if a solution can be found. The discussions, which are very constructive, are ongoing. The current focus of debate is that there should be no changes to existing members' benefits. However, new entrants may find that the benefit structure moves to a CARE basis with a retirement age of 65 and no unreduced early retirement option. Further information can be obtained by visiting the SAUL website.
Penny Green
Chief Executive/Managing Director
SAUL Trustee Co/STC Pension Mgmt
Related Guidance:
Related Forms/Documents:
- BenefitsPlus Booklet (see page 7 - 15 for information relating to PensionsPlus)
- PensionsPlus Opt Out Form (to be completed if you want to opt out of PensionsPlus)