As a member of one the UCL pension schemes you and your family currently enjoy the financial security afforded by the excellent benefits within a final salary pension scheme. The full range of the benefits can and should be understood by reading your pension scheme main booklet previously provided to you by UCL.
As a member of your scheme you do have the right to opt out of scheme membership, but why would you want to?. Also, your employer, UCL is also contributing towards your pension.
Before leaving the scheme, you must ensure you think carefully and consider and fully understand the financial consequences of this action and the benefits you and your family will be losing. By opting out of your scheme membership you will:
From 1 May 2010 PensionsExchange for USS & SAUL is being implemented. This will meant that the cost to you of your SAUL & USS membership will reduce, without affecting the level of your benefits. If you decide to proceed with opting out of SAUL or USS, you will automatically be taken out of the PensionsExchange arrangement relating to the scheme that you are opting out of.
If, by opting out of scheme membership you are entitled to and elect to receive a refund of your contributions, this will be subject to two compulsory deductions in respect of:
UCL recommends that prior to opting out of any pension scheme you undertake to receive Independent Financial Advice.