The UCL PensionsExchange annual anniversary date is 1 May each year. Members of USS and SAUL have the opportunity each year at the Annual anniversary date to choose whether or not they wish to continue to participate in PensionsExchange. Employees may only opt-in or opt-out at the PensionsExchange annual anniversary date, or as a result of a Lifestyle Event.
Your choices at each 1 May are:
Continue membership: If you wish to continue to participate in PensionsExchange, you don’t need to take any further action, you don’t have to do anything – your membership of PensionsExchange will automatically continue.
Opt-in to PensionsExchange: If you have previously decided not to participate in PensionsExchange and have opted-out, but would now like to enjoy the benefit of participation in PensionsExchange, you are required to complete the Opt-in Form and send the completed form to UCL Pension Services no later than 30 April of each year.
Opt-out of PensionsExchange: You can opt-out of PensionsExchange initially on joining UCL. Or, if you have been participating in PensionsExchange, but have decided that you wish to withdraw, you may do so from the PensionsExchange anniversary of 1 May, and each year thereafter. You are required to complete the Opt-out Form and send the completed form to UCL Pension Services no later than 30 April each year. By opting out of PensionsExchange you will continue to receive your existing salary and make pension contributions under the normal arrangements. However, you will not benefit from the reduced National Insurance Contribution rate and a higher take home (net) pay, than if you had continued participation in PensionsExchange.