- OSPS Annual Report and Accounts for year end 31 March 2013
- USS response to media coverage about the scheme’s funding position
- Lifetime allowance
- Pension Schemes – A change in the law that may affect you
- OSPS changes in summary
- OSPS Annual Report and Accounts for year end 31 March 2012
- Consultation on proposed changes to OSPS
OSPS Annual Report and Accounts for year end 31 March 2013
The OSPS Annual Report and Accounts (for year to 31 March 2013) 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.
15 November 2013
USS response to media coverage about the scheme’s funding position
Following the publication of the USS Members’ Annual Report in October there has been some media coverage of the scheme’s funding position and the current deficit of £7.9bn. USS has responded by issuing a statement outlining the scheme trustees’ assessment of the current situation. The trustee company wants members to be aware of the ongoing work to update their approach to scheme funding with the next triennial valuation giving an assessment of the funding position scheduled for March 2014. The statement can be found on the USS News pages. If members have any questions about this they should contact the USS communications team by email on email@example.com or telephone USS on 0151 227 4711. Alternatively, you can contact the University’s pension office via firstname.lastname@example.org.
30 October 2013
The Government announced on 5 December 2012 changes to pensions tax relief. For 2014-15 onwards the Lifetime Allowance (LTA) is reducing from £1.5 million to £1.25 million and the Annual Allowance (AA) is reducing from £50,000 to £40,000.
The change to the LTA is unlikely to affect most pension scheme members. For example, to exceed the £1.25 million LTA you would need to have 40 years’ service in a pension scheme such as USS and have a pensionable salary of around £108,000 a year.
For people who have benefits in excess of £1.25 million registration for transitional protection is now available, which could ensure that your current LTA value is retained.
Further information about Lifetime Allowance.
7 October 2013
Pension Schemes – A change in the law that may affect you
Government regulations impose new duties on the University to encourage staff to save for retirement through membership of a pension scheme. These duties apply to the University from 1 March 2013.
This legislation will not affect staff who are already a member of a pension scheme. However, it does require the University to enrol in a pension scheme any member of staff who requests it and automatically to enrol in a pension scheme any employee or worker who is not already a member of a pension scheme and who meets certain eligibility criteria. This will include many of you who have previously opted out of USS or OSPS.
It is important that you:
- refer to the Auto-Enrolment pages of the website to see how these changes will affect you; and
- consider carefully what action you wish to take.
We shall write to you individually on or around 1 March 2013 with more details and full guidance on what you need to do if you wish to join a pension or to opt out if you are auto-enrolled.
15 February 2013
OSPS changes in summary
As per our communication last November, changes to the University of Oxford Staff Pension Scheme (OSPS) came into effect from 1 January 2013. Going forward, active OSPS members build up pension benefits on a Career Average Revalued Earnings basis (known as ‘CARE’). All members were given the option to select their contribution rate (Lower, Standard or Higher) and the speed at which their pension builds up, referred to as the ‘accrual rate’. There was a good response from active members, with around 50% making a selection and over 30% of all members opting for the higher cost plan.
If you have any specific questions regarding these changes, please contact David James, OSPS Pensions Officer via email@example.com. Or alternatively, for a summary of the recent changes please refer to the recently published OSPS Information Summary (44kb)
7 January 2013
OSPS Annual Report and Accounts for year end 31 March 2012
The OSPS Annual Report and Accounts for year to 31 March 2012 (592kb) has now been published. If you wish to obtain a printed copy, these are available from the Pensions Office.
6 December 2012
Consultation on proposed changes to OSPS
The University is running a consultation on proposed changes to OSPS. The consultation, which runs from 20 April until 19 June, is intended to collect the views of currently active OSPS members and of other support staff who are not members but who are eligible to join the scheme. Colleges and other associated employers are also consulting their staff.
Details of the proposed changes, together with background information and illustrations, are contained in the OSPS consultation document. Personal copies of this document are being sent to each active OSPS member. The document is also available on the .
During late April and in May a series of open meetings will be held at locations around Oxford at which staff will be able to ask questions or comment on the proposals. Details of these meetings will be publicised on the OSPS consultation website and through departments.
17 April 2012