OSPS Special Provisions

Special provisions for members with Pensionable Service before 6 April 1995

Prior to 6 April 1995 OSPS was not contracted out of SERPS. This meant that those members paying full rate National Insurance contributions earned a SERPS pension during their membership of OSPS from 6 April 1978 to 5 April 1995. To take account of the SERPS pension, a target pension of 1/80th x Final Pensionable Salary for each year of Pensionable Service was reduced by a formula amount to reflect the SERPS pension. This was known as the State Pension Offset.

Benefit statements were issued to all members in March 1995, which showed the amount of the accrued State Pension Offset at 5 April 1995 expressed as a percentage of Final Pensionable Salary at retirement, and called the SERPS Offset.

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Retirement


The target retirement pension of 1/80th of Final Pensionable Salary for each year of Pensionable Service will be reduced by the SERPS Offset calculated as above. Any reduction in benefits for early payment is also applied to the SERPS Offset. In the case of retirement through ill health or infirmity, the SERPS Offset is not applied until you reach State pension age, when the amount at the date of retirement, increased in line with increases to your pension since retirement, is deducted.

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Death


The SERPS offset will be deducted before calculating the proportion of your pension that dependants or children are to receive following death in service.

If you are receiving a temporary pension (see below) at the date you die in retirement, your dependants or children will not receive a proportion of the temporary pension.

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Leaving


The deferred pension at the date of leaving is reduced by the SERPS Offset based on Final Pensionable Salary at that time.

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Temporary pension

If you are a man and you retire between the following dates:

  • the state pension age for a woman with the same birthdate as you; and
  • age 65

you will receive a temporary pension to allow for the fact that you will not receive any SERPS benefits until age 65.

If you are a man and you retire between the following dates:

  • age 60
  • the state pension age for a woman with the same birthdate as you
you will receive a temporary pension with effect from the latter date until age 65.

This temporary pension will be equal to the SERPS offset at the date you retire and will stop at age 65. This temporary pension will not be payable to dependants or children.

If you retire because of ill health, you will receive a temporary pension until you reach state pension age.

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Former members of the Employees' Pension Scheme (EPS)


Some members who were in pensionable employment prior to 6 April 1978 will have earned benefits under the EPS, the forerunner to OSPS. These members surrendered their benefits for a period of Pensionable Service credited under OSPS and this was taken into account in determining the benefits shown on the statements issued in March 1995.

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Special provisions for members in Pensionable Service on 31 July 1998


Special credit

As a result of the 1998 valuation a bonus equivalent to 1% of Pensionable Salary for every year and part year of Pensionable Service (calculated at 31 July 1998) was credited to a special investment account in respect of each member in Pensionable Service at that date. This investment account is held with the Prudential. At retirement or death, the value of each member's special credit plus accrued interest must be used to purchase additional pension.

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For further information, please contact:


OSPS Contacts (University access only)
Telephone: 01865 (6) 16020
Fax: 01865 (6) 16021
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