News

OSPS Consultation

The OSPS 2017 Consultation is now closed. You can find information about the outcome here:

The Finance Division arranged briefing sessions to tell members more about the proposed changes, and to answer any questions. These sessions have all taken place, but you can watch a video of the session here.

Downloads:

We've compiled a list of Frequently Asked Questions about the consultation, which we'll add to throughout the consultation period.

If you have general enquires about the scheme, you can email osps@admin.ox.ac.uk or call 01865 (6)16133 and talk to one of the Pensions team.

OSPS Annual Report and Accounts for year end 31 March 2016

The OSPS Annual Report and Accounts (for year to 31 March 2016) are now available. Copies can be downloaded from the OSPS Resources page. If you wish to obtain a printed copy, these can be requested by contacting the OSPS Pension team.

7 November 2016

Auto Enrolment update

To help people save more for retirement, all employers are required by law to assess their workers and automatically enrol those who are eligible into a workplace pension scheme.  If you opt out the University has a duty to re-enrol you every three years if you are eligible. It is the three year anniversary and the University will make an assessment in June 2016 (with an email reminder in May 2016) of employees who are not in a pension scheme. 

If you are not at present an active member of a workplace pension scheme, this may affect you.

We will automatically enrol you into a University pension scheme from 1 June if you:  

  • are aged  between 22 and the State Pension Age; and
  • work or usually work in the UK;  and
  • earn more than £10,000 a year (or £833 a month)

What if I do not wish to be a member of the University’s pension scheme?

If you are automatically enrolled but do not wish to be a member of the pension scheme you can choose to opt out. If, on the basis of the criteria outlined above, you can see that you will meet the criteria to be enrolled, you can opt out any time after 1 June but please note that the pensions regulations specify that we cannot accept forms dated or sent before 1 June.

In order to opt out, you need to complete a form which you will find on the relevant pension scheme website.   Completed forms should be returned to:

The Pensions Office

Finance Division
University of Oxford
6 Worcester St
Oxford OX1 6BX

or email a scanned copy of the completed form to: ox.autoenrolment@admin.ox.ac.uk

More information can be found on the auto-enrolment webpage.

Pension Office Change of Address

From 8 April, the University of Oxford's Pensions Office will be located at:

6 Worcester Street

Oxford

OX1 1BX

All other contact details remain the same.

USS Scheme changes

USS has announced the final form of changes to be made to USS benefits.  The new section of the scheme shall be introduced in phases from April 2016. 

Further information, can be found on the USS website.  

USS will issue monthly updates with details of relevant changes.  You can find all the USS Newsletters here.

1 April 2016

OSPS and Pension Flexibilities

The Government has recently announced a number of flexibilities regarding the way pension benefits can be paid. We have produced a guide showing how these affect the benefits offered by OSPS, entitled A guide to pension flexibility at retirement (146kb) .

24 November 2015

July 2015 Budget changes

The Budget on 8 July 2015 included changes to the Lifetime Allowance (LTA) and the Annual Allowance (AA). These changes may affect some pension scheme members with large pension savings or a large overall income (from all sources).

LTA changes

The Government will reduce the LTA for pension contributions from £1.25 million to £1 million from 6 April 2016. Transitional protection for pension rights already over £1 million is expected to be introduced although the details are not yet known. The LTA will be indexed annually in line with the consumer prices index (CPI) from 6 April 2018. For more information about the LTA visit the government lifetime allowance webpages.

AA changes

The Government is to restrict pension tax relief for high earners by introducing a tapered reduction in the amount of AA for individuals with income (including the value of any pension contributions) of over £150,000, and who have an income (excluding pension contributions) in excess of £110,000. This change will come into effect on 6 April 2016. For more information visit HMRC’s annual allowance pages.

Transitional rules will apply to protect pre-Budget pension savings from the impact of the changes, and to protect pension savings from retrospective tax charges, by providing generous transitional provisions.   Under these provisions, individuals will generally have an AA of between £40,000 to £80,000 inclusive (depending upon the amount of pension savings made the Budget date) for the 2015/16 tax year only.  From 2016/17 the AA will revert to £40,000.   

For further information about pension tax relief limits visit our pensions pages.

12 August 2015