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University Pension Schemes

The University offers two pension schemes.

The University of St Andrews Superannuation & Life Assurance Scheme (S&LAS)

The University has recently undertaken a tender process, on behalf of the Trustees of the University of St Andrews Superannuation and Life Assurance Scheme (S&LAS), for the provision of the services provided by Towers Watson as Scheme Administrators, i.e. Pension Fund Actuarial and Investment Advice, and Administrative Services.

After completing the required procurement process, the Trustees have appointed Aon Hewitt as the service provider.  Aon Hewitt’s appointment commenced on Monday 12 September 2011, and we will be working closely with Aon to ensure a smooth transition from Towers Watson.

You can join this scheme if you are employed by the University in a post which falls into Grades 1-5 (inclusive).  Employee contributions are payable at a rate which is currently 7.77% of pensionable salary, with the employer contributing 20.23%.  To join the S&LAS, please return the application form which is included in your information pack when you join the University. Employees who wish to join at a later date can obtain an application form from the Pensions Administrator. It is important that the Scheme has an up-to-date Nomination form for each member.  If you are unsure of whether your personal details are up-to-date please contact Lisa Harley, Pensions Administrator ext 2546 or email ljh10@st-andrews.ac.uk.

Please return all forms to the Pension Administrator.

Universities Superannuation Scheme

You are eligible to join USS if you are employed on a post which falls into Grades 6-9 (inclusive).  You will automatically be entered into the scheme unless you return an opting out form which is included in your information pack when you join the University.  Employees who wish to opt-out at a later date can obtain an opt-out form from the Pensions Administrator. 

 From 1 October 2011, the USS pension scheme has two sections - the Final Salary sectionand the Career Revalued Benefits section.

If you rejoin USS on or after 1 October 2011 you would be eligible to rejoin the Final Salary section if you:

  • left before 1 October 2011 and have deferred benefits in USS and are rejoining before 1 April 2014; or
  • leave the Final Salary section after 30 September 2011 and rejoin the scheme within 30 months of leaving.

Otherwise you will join the Career Revalued Benefits section.

For more information on the two sections, please refer to the guides below:

Career Revalued Guide (PDF, 1,752 KB)

Final Salary Guide (PDF, 1,874 KB)

From April 2011, the Annual Allowance (AA) has decreased from £255,000 per tax year to £50,000 per tax year.  As a result some members may be affected although you would need a significant amount of service and salary to exceed the £50,000 limit, or perhaps receive a large pay increase.

To check if you are affected, please us the following USS modeller, and for more information please see the HMRC.

For more information, please visit the USS website or contact Lisa Harley, Pensions Administrator ext 2546 or ljh10@st-andrews.ac.uk.

Prudential

Five of the best from USS: Top pension tips

In the current economic climate, it’s more important than ever to get good value for money – and your pension savings are no different. With this in mind we’d like to share some expert tips which could help your pension pound go further.

Five of the best from USS: Best kept secrets 
Money purchase AVC: A Good Reason To Choose

You’re already a member of a great pension scheme, but there’s another great way to improve your retirement income through Additional Voluntary Contributions (AVCs). AVCs are a flexible pension bolt-on to your USS pension scheme. They are tax-efficient contributions made from your salary. Your contributions are invested to help build an additional pension “pot”.  You can then use this pot to get extra benefits (extra pension or tax-free cash) on top of your standard USS benefits. You can adjust your contributions whenever you like, just by making a phone call. It doesn’t need to be a big financial obligation - making small and frequent contributions could help give you some peace of mind and help you stay in control of your retirement. 

Forthcoming Changes to Money Purchase AVCs with Prudential

Please note that from 19 August 2012, Prudential are introducing an early exit charge when Money Purchase Funds are withdrawn within five years.  The charge will only apply to the funds of new contributors (as defined by Prudential) who commence Money Purchase AVCs on or after 19 August 2012 and who take their funds (for example, through retirement) within five years of Prudential’s receipt of the first contribution. Therefore, if you are considering the purchase of AVCs and do not want to be affected by the change, the latest date you can commence a new Money Purchase AVC with Prudential will be 8 June 2012.  Full details of the charges and a number of exceptions are explained in the Prudential Addendum documents - Prudential Early Exit Charge Addendum (PDF, 50 KB)

You can obtain more information from Prudential by telephoning 0800 515914.

Paysave

From 1 April 2008, the University introduced Paysave as a more effective way of contributing to your pension and saving for your retirement.  For more information on Paysave, please see the Paysave booklets (under the Documents section).

Lifetime Allowance (Retirement Benefits)

There is a limit on the value of retirement benefits that you can draw from approved pension schemes before tax penalties apply.  This limit is called the Lifetime Allowance (LTA). 

From April 2012, the LTA will reduce from £1.8 m to £1.5 m per tax year.  The vast majority of pension scheme members will not be affected by this change.  To receive benefits of more than the lifetime allowance you would need:

  • to have saved more than £1.5 million in money purchase schemes; or
  • be entitled to a pension of around £65,000 per annum, with a separate lump sum of 3 times your annual pension.

From 6 April 2012, if you expect your pension savings to be more than £1.5 m, you will be able to apply for Fixed Protection.  Fixed Protection will mean your pension benefits are protected from any tax charge, up to the value of £1.8m.  If the Lifetime Allowance subsequently increases to more than £1.8m, fixed protection will stop.  Further information can be found at HMRC. 

State Retirement Age

The proposed changes to the State Pension age timetable, announced in November 2010, affect those born between 6 April 1953 and 5 April 1960.

Under the new proposals, from December 2018 the State Pension age for both men and women will start to increase to reach 66 by April 2020. This would mean that women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018.

These proposed changes to the timetable are not yet law and still require the approval of Parliament.

Proposed changes for women

Date of birth

Date State Pension age reached

6 April 1953 to 5 May 1953

6 July 2016

6 May 1953 to 5 June 1953

6 November 2016

6 June 1953 to 5 July 1953

6 March 2017

6 July 1953 to 5 August 1953

6 July 2017

6 August 1953 to 5 September 1953

6 November 2017

6 September 1953 to 5 October 1953

6 March 2018

6 October 1953 to 5 November 1953

6 July 2018

6 November 1953 to 5 December 1953

6 November 2018

Proposed  changes for women and men

Date of birth

Date State Pension age reached

6 December 1953 to 5 January 1954

6 March 2019

6 January 1954 to 5 February 1954

6 July 2019

6 February 1954 to 5 March 1954

6 Nov 2019

6 March 1954 to 5 April 1954

6 March 2020

6 April 1954 to 5 April 1960

Your 66th birthday

You can find out your State Retirement Date by using this online calculator.