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PensionsExchange scheme to be introduced 1 May

31 March 2010

Links Employee Guide to PensionsExchange (pdf)

The quad, UCL ucl.ac.uk/hr/pensions" target="_self">UCL Pension Services
  • Universities Superannuation Scheme (USS)
  • Superannuation Arrangements of the University of London (SAUL)

    • On 1 May, UCL is introducing 'PensionsExchange', a scheme for the benefit of staff currently paying into the USS or SAUL pension schemes.

    Staff who would not benefit from inclusion will have no changes made to their current pension arrangements.

    PensionsExchange is voluntary scheme, therefore any member of staff can make a formal request to opt out before 30 April. All eligible UCL employees will then be automatically entered into the scheme from May 2010.

    PensionsExchange operates by allowing savings in National Insurance contributions and it does this by changing the way that pension contributions are made. Schemes such as this are now widespread and many universities including Oxford, Cambridge, the London School of Economics and Imperial have already successfully implemented similar schemes.

    If you are a member of the USS or SAUL pension scheme, you will receive a letter from UCL Pension Services and a factsheet outlining the changes. This letter will also contain further details and will describe how National Insurance contribution (NIC) savings are made.

    UCL Context

    UCL Pension Services is a specialist team within Human Resources and is able to provide assistance, advice and expert guidance on pension matters for UCL employees.