In a nutshell (from 1 October 2017)

This page is an overview of the Investment Builder section of OSPS at a glance and is applicable to you if you joined from 1 October 2017. For more information, click on the relevant heading below.

Costs

You can currently choose one of three contribution tiers - 4%, 6% or 8% of your pay. If you pay tax you will get tax relief. In addition your employer will pay contributions - 6%, 8% or 10%, the amount dependant on the contribution tier you have selected. For more information click here.

Joining

If you are a new employee, even if you are on probation or a short-term contract, you will join automatically from the start of your job. For more information click here.

Building up your benefits - from 1 Oct 2017

OSPS is a defined contribution (DC) scheme from 1 October 2017. A pension pot is built up from your contributions, your employer contributions and the investment returns. This pension pot can be used to provide either cash and/or a regular income when you retire. For more information click here.

Retirement

Your scheme retirement age is your state pension age in whole years. For more information click here.

Ill Health Cover

If you are no longer able to do your job due to ill health you may be entitled to an enhanced pension pot at any age. For more information click here.

Benefits if you die - joining from 1 Oct 2017

If you die we will pay a lump sum equal to three times your salary plus, if applicable, an additional amount to any dependents. For more information click here.

Benefits if you leave

You can choose between a transfer to another pension scheme and keeping your benefits in OSPS. For more information click here.