Pensioners

This page contains information for OSPS members who have already retired. It also contains details for those receiving a dependent's pension.

Annual pension increase

Your pension will increase in line with inflation each April. From 1 April 2017 onwards the annual increase will be based on the average of the annual increase in the Retail Prices Index (RPI) and the annual increase in the Consumer Prices Index (CPI) in the previous September, but CARE benefits will have a maximum increase applied.  

Tax

The Payroll Office can only use the tax code given to them by HMRC. If you think your tax code is wrong you will have to contact HMRC and ask them to look into it. You should ring 0300 200 3300 or write to:

HMRC South Wales Area
Ty Glas
Llanishen
Cardiff
CF14 5YF

You should quote the reference 075/FA12903 and your NI number.

Updating addresses and bank details

Please send these to the Pensions Office in writing or by email. You can use the Change of Address or Bank Details (CHA3) form (7kb) form if you prefer.

Re-employment

You can rejoin the scheme if you are receiving an OSPS pension. However, if you retired on the grounds of ill health and are under 60 you should contact us as soon as possible if you take up any form of employment or self-employment. This is because we have to reassess your ill health pension if you are earning again.

Remarriage

If you are receiving a dependent’s pension, it will not stop if you remarry.

Living abroad

If you retire abroad we will normally pay your pension into a UK account. However, we can pay the pension into an account in your new country in the local currency in many cases. Please contact the Pensions Office for more information.

We recommend that you investigate whether or not the UK has a double-taxation agreement with your country of residence. For more informatiom, please refer to the HMRC website.

Death benefits

If you die within five years of retirement we will pay the balance of five years pension to a beneficiary or beneficiaries at the discretion of the trustees.

If you retired on the grounds of ill health and die before your SRD we will pay the death in service lump sum less payments already received if this is higher than the five-year guarantee.

Please complete a Member's wishes concerning disposal of Death in Retirement benefits (NOM2) form (112kb) to guide the trustees regarding the lump sum.

Adult dependants and children may also be entitled to a pension following your death.

Trivial commutation

If your pension is small enough and you are over age 55 you may be able to take it all as a single taxable lump sum. The level of pension will depend on your age and market conditions. Here is a rough guide to the levels of pension we think could be trivially commuted.

Age

Own pension

Dependent’s Pension

55

£300

£580

60

£325

£675

65

£385

£800

70

£465

£990

75

£580

£1,280

80

£745

£1,725

There are additional restrictions for trivially commuting a dependent’s pension.

If OSPS is your only pension (apart from the state pension scheme) then you might be able to commute a pension three times the level shown. This does not apply to dependants’ pensions.

If you are interested in finding out more about this, please contact the Pensions Office.

Other benefits

If you have retired directly from the University or one of the colleges you are eligible to join the Association of Oxford University Pensioners

For other benefits available to University and college pensioners, please see the overall University guidelines for Pensioners.