Our occupational pension schemes provide a valuable benefit to employees and all eligible staff are automatically enrolled into one of the University's occupational pension schemes at appointment.
- Teachers' Pension Scheme (TPS)
- West Yorkshire Pension Fund (WYPF)
- Universities Superannuation Scheme (USS)
Need advice? Contact The Pensions Advisory Service, an independent voluntary organisation which provides free information on pensions.
- We make contributions on your behalf.
- You get tax relief on all your contributions even on extra payments you make to top up your benefits.
- No hidden fees or charges - you simply pay a percentage of your pay.
- No investment risk – you get a guaranteed package of benefits that are backed by law.
- Pensions for your dependents if you die.
- Life cover of 3 years’ pay from the moment you join and, unlike other forms of life insurance, there’s no medical; it's open to all.
- You can take a tax free lump sum as part of your pension benefits package.
- Protection in case you have to draw your benefits early through ill-health.
The salary bands which determine employee contribution rates have increased in line with CPI with effect from April 2019. The University's employer contribution rate is currently 16.48% for all members, this will increase to 23.68% from September 2019.
If you would like further information on how your pension is calculated, and how you can increase your pension by paying additional contributions, please visit the Scheme's website using the link on this webpage.
TPS Employee Contribution Rates from 1 April 2019:
|Contribution Rate You Pay|
|up to £27,697.99||7.4%|
|£27,698 to £37,284.99||8.6%|
|£37,285 to £44,208.99||9.6%|
|£44,209 to £58,590.99||10.2%|
|£58,591 to £79,895.99||11.3%|
|£79,896 and above||11.7%|
Following their annual Pension Increase Review, the Local Government Pension Scheme (WYPF) have increased the salary bands which determine employee contribution rates with effect from 1 April 2019. The University's employer contribution rates remain unchanged at 13.1% for all members.
If you could like further information on how your pension is calculated, or how you can increase your pension by paying additional contributions, please visit the Scheme's website using the link on this webpage.
WYPF Employee Contribution Rates from 1 April 2019:
|Contribution Rate You Pay|
|up to £14,400||5.5%|
|£14,401 to £22,500||5.8%|
|£22,501 to £36,500||6.5%|
|£36,501 to £46,200||6.8%|
|£46,201 to £64,600||8.5%|
|£64,601 to £91,500||9.9%|
|£91,501 to £107,700||10.5%|
|£107,701 to £161,500||11.4%|
|£161,501 or more||12.5%|
National Insurance Contributions
Since 6 April 2016, our occupational pension schemes (WYPF, Teachers' Pensions and USS) are no longer contracted out of the additional state pension, as a result, the rate of National Insurance you pay will have increased by 1.4%. If you would like further information on how this will have affected your pay, please contact firstname.lastname@example.org.
State Pension Changes
Previously, the State Pension was made up of two parts, the Basic State Pension and the Additional State Pension. The pension schemes that we use were ‘contracted out’ of the Additional State Pension. This means that members of our occupational pension scheme paid National Insurance at a lower rate as they built up pension in the contracted-out schemes (ie LGPS/WYPF, TPS, USS) as opposed to their Additional State Pension. From 6 April 2016, the government introduced a new State Pension for people reaching State Pension Age on or after this date, which will no longer have two parts. The new State Pension has now replaced the historic Basic and Additional State Pension, and consequentially ended contracting-out. Although you are now paying higher National Insurance contributions, it is likely you will receive a greater State Pension when you retire.
State Pension Benefits
You can find out more about the New State Pension and how you have been affected on the Department for Work & Pensions (DWP) website: www.gov.uk/yourstatepension, including the impact on the pension payable as a result of having previously been a member of a pension scheme that was contracted-out. If you’re aged 55 or over, you can also request personalised State Pension statement based on your work history and National Insurance contributions to date. The statements will include information on deductions applied in respect of periods of contracted-out employment. You will be aware that the state pension age has increased and you can use the State Pension Age Calculator to work out when your state pension will become payable. As part of the drive to help explain State Pension reform, the DWP have published a website containing eight things you need to know about pensions, along with lots of useful information and links to their various State Pension tools.
Automatic enrolment is a government initiative to encourage more people to save for their retirement. In July 2016, we conducted our triennial auto re-enrolment procedure, entering eligible colleagues who had previously opted out back into their occupational pension scheme. Our next auto re-enrolment date will be Summer 2019.
The University assesses the eligibility of employees each month, and enrols those not in a pension scheme who have not previously met auto-enrolment criteria.