new starters

As a new member of staff you are automatically enrolled into either the Universities Superannuation Scheme (USS)Superannuation of University of London (SAUL), or if you are an existing member of the NHS scheme, you may be able to continue your membership.   

Levels of Contribution

Pension SchemeEmployee ContributionEmployer ContributionTotal Contribution
 USS  8%  18%  26%
 SAUL  6%  16%  22%
 NHS  Varies dependant on salary  14.3%  
 

 

Payment Options

New Starters Information

Option One

PensionSMART Salary Sacrifice Method

This is the preferred method.  You do not make any direct payments to the pension scheme, and your salary is reduced by the percentage you would otherwise contribute. The College contributes both the employer and employee percentage directly to the scheme on your behalf.  This allows you to receive relief for National Insurance Contributions with a consequential increase in your take home pay.

Option Two

Non Salary Sacrifice Contribution Method

You contribute the required percentage of your Pensionable Salary directly to either USS or SAUL from your monthly salary and the College makes an employer percentage contribution. You will receive tax relief on your pension contributions but will not receive any relief for National Insurance Contributions.

Please note:

If you leave the pension scheme two years or more after joining (whether or not this coincides with the end of your College employment) you will have the choice of:

(i) a deferred pension and lump sum which are payable when you retire, or
(ii) a transfer value, if you elect to transfer your pension fund to another pension arrangement.

If you leave the pension scheme with less than two years memberhips: 

If you are in PensionSmart:

(i)  refund of employee contribution within first three months

(ii) no refund of employee contribution three months plus.  A deferred pension and lump sum which are payable when you retire or a transfer value, if you elect to transfer your pension to another arrangement. 

If you make direct contributions to the pension scheme:

(i) employee only contribution refund minus tax and national insurance.

Opting out of the Pension scheme

If you are a College employee who is currently contributing to a College pension scheme and wish to opt out/withdraw from the scheme, please complete the relevant form from the selection set out below and return it to the College Pensions Office.

If you are a new employee you should return your opt out form to your local HR representative along with all other new starter paperwork.  Please note that it is a legal requirement for College to Pensions Auto Enrolment‌ you onto the relevant scheme before actioning your opt-out request.