Pensions+
Anniversary Date
The next Pensions+ anniversary date is 1 July 2011. University staff who are members of the Retirement Benefits Plan or University Superannuation Scheme, who wish to either opt-in or out of the Pensions+ scheme, must complete and return the relevant form, available from the Payroll and Pensions office (extension 6496) by not later than Friday 15th July 2011.
Employees may only choose to opt-in or opt-out either at the Pensions+ anniversary date (1st July each year) or as a result of a Lifestyle Event.
Pension scheme members will also receive notification of the Anniversary date either via payslip message or individual correspondence, depending on their personal circumstances.
About Pensions+
Introduced in July 2008, Pensions+ is the name of the salary sacrifice arrangement offered to University staff who are members of either the Retirement Benefits Plan or Universities Superannuation Scheme. This arrangement provides savings in national insurance contributions to most members, and is therefore the basis on which most new members of staff will join these pension schemes, unless they choose to opt out.
Since the launch of the scheme in July 2008, approximately 90% of scheme members have joined with an average saving per member of around £115 pa.
Further information on Pensions+, together with examples of potential savings, is available in 'Introducing Pensions+ (May 2011)'.
Opt-in / Opt-out
Those members of staff who are not automatically enrolled in their pension scheme on the basis of Pensions+, either because they are on a contract that expires before they have achieved two years pensionable service or because their earnings are such that they may not benefit, may contact the Payroll and Pensions Office for advice before deciding whether or not to opt in.
Members of staff who wish to Opt-in or Opt-out, in accordance with the terms outlined in 'Introducing Pensions+ (May 2011)', are required to complete the appropriate form which is available by contacting the Payroll and Pensions Office, Fourth Floor, King's Gate on extension 6496 or by email pensions-enquiries@ncl.ac.uk. The form must be completed within the specified deadlines.
Further Advice / Guidance
Further advice and guidance can be obtained from the Payroll and Pensions Office, Fourth Floor, King's Gate, on extension 6496 or by email at pensions-enquiries@ncl.ac.uk