State Pension Benefits
The New State Pension and an increase in National Insurance Contributions
Last year the Government announced changes to the state pension provision with the introduction of a New State Pension and an increase to National Insurance Contributions (NIC). These changes have become effective from 6th April 2016 and will be reflected in salary payments with effect from 6 April 2016. Further information on the changes are available on the Q&A link below:
You can apply for a State Pension statement at the GOV.UK website: www.gov.uk/check-state-pension
Reforms to the Universities Superannuation Scheme
Members of the Universities Superannuation Scheme also will see changes to their pension scheme in April 2016 which were agreed last year by the employee and employer representatives. These changes still provide members with a defined benefit pension scheme though the employee contribution rate will be increasing from 7.5% to 8% for members of the final salary section and from 6.5% to 8% for members of the Careers Revalued Benefit section.
Changes to the Universities Superannuation Scheme pension scheme can be located on the UCL HR Pensions’ website.
Take home pay tables illustrating the reduction in take home pay related to your pension scheme and earnings can be accessed below: