Pensions

Information about our occupational pension schemes

Our occupational pension schemes provide a valuable benefit to employees and all eligible staff are automatically enrolled into one of the University's occupational pension schemes at appointment.

Teachers' Pension Scheme (TPS)
West Yorkshire Pension Fund (WYPF)
Universities Supperannuation Scheme (USS)

Human Resources play an important role in administering our schemes and we can help you on a range of matters relating to pensions or point you in the right direction for further details.  You can also access a range of information via the scheme websites or by contacting the pension schemes directly.

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Latest News

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8 Good Reasons to be in our Occupational Pensions - 

1. We make contributions on your behalf 
2. You get tax relief on all your contributions even on extra payments you make to top up your benefits 
3. No hidden fees or charges - you simply pay a percentage of your pay 
4. No investment risk – you get a guaranteed package of benefits that are backed by law 
5. Pensions for your dependants if you die 
6. Life cover of 3 years’ pay from the moment you join and unlike other forms of life insurance there’s no medical – its open to all 
7. You can take a tax free lump sum as part of your pension benefits package 
8. Protection in case you have to draw your benefits early through ill-health

Auto-enrolment

Auto-enrolment is new pension legislation which was introduced in October 2012 to encourage more of us to save for our retirement.  The legislation means that every employer nationally must enrol workers into a workplace pension scheme where they meet set criteria and it is then up to the individual to decide whether to stay in the scheme or chose to opt out.  We already enrol new staff at appointment and the schemes we offer far exceed those to support auto-enrolment.  However there will be some changes for us once we reach our staging date on the 1 May 2013 and you can find more information about what this may mean for you here.  

Contribution Rates from 1 April 2013

The current tiered contribution rates for both TPS and WYPF are changing with effect from the 1st April 2013 and may mean that you will pay contributions at a different rate.

The WYPF have adjusted their pay bands as follows:

If you earn -

£0 to £13,700 your contribution rate is 5.5%
£13,701 to £16,100 your contribution rate is 5.8%
£16,101 to £20,800 your contribution rate is 5.9%
£20,801 to £34,700 your contribution rate is 6.5%
£34,701 to £46,500 your contribution rate is 6.8%
£46,501 to £87,100 your contribution rate is 7.2%
More than £87,101 your contribution rate is 7.5%

The TPS have adjusted their pay bands and the contribution rates as follows:

If you earn -

£0 to £14,999 your contribution rate is 6.4%, a 0% increase on 2012-13
£15,000 to £25,999 your contribution rate is 7.0%, a 0% increase on 2012-13
£26,000 to £31,999 your contribution rate is 7.9%, a 0.6% increase on 2012-13
£32,000 to £39,999 your contribution rate is 8.8%, a 1.2% increase on 2012-13
£40,000 to £44,999 your contribution rate is 9.2%, a 1.2% increase on 2012-13
£45,000 to £74,999 your contribution rate is 10.1%, a 2.1% increase on 2012-13
£75,000 to £99,000 your contribution rate is 10.6%, a 2.2% increase on 2012-13
£100,000 or more your contribution rate is 11.2%, a 2.4% increase on 2012-13

WYPF Changes: The WYPF has published a mini-website for members designed to give easy access to information on changes to the scheme which will be in place by April 2014 and can be accessed here.

TPS Reform: A reformed TPS is expected to be in place by April 2015. Further information about reform of the TPS is published on the Department for Education website and can be viewed by clicking here.

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Need advice? Contact The Pensions Advisory Service an independent voluntary organisation which provides free information about pensions.

Service contacts