News

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. 

Alternatively, if you wish to discuss this with a member of the Pensions Office, please contact the appropriate team or submit your queries via ox.autoenrolment@admin.ox.ac.uk. 

15 February 2013

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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 osps@admin.ox.ac.uk. Or alternatively, for a summary of the recent changes please refer to the recently published OSPS Information Summary (48kb)

7 January 2013

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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

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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

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