Stakeholder Pension Scheme

General information

Stakeholder is the University's scheme for those of its staff for whom membership of one of the other schemes is inappropriate.

Stakeholder may also be used by members of one of the other schemes as a Free Standing AVC provider. This option is open only to members whose pay is less than £30,000 per annum.

You are eligible to join Stakeholder if you are an employee of the University.

Stakeholder is approved by the Inland Revenue. It is contracted-in to the State Earnings Related Pension Scheme (SERPS).

Members of Stakeholder are sent Explanatory Leaflets which provide a more detailed explanation of the scheme, the key features of which are as follows:

Contributions

If you are not a member of one of the other University schemes, you may contribute up to whichever is the higher of £3,600 a year or 17.50% of your pay to Stakeholder. If you are over 35 years old, you could contribute a higher amount.

If you are a member of one of the other University schemes but are also eligible to join the Stakeholder scheme, your contribution is limited to £3,600 a year.

The University pays nothing to your Stakeholder scheme.

Important: your contributions to Stakeholder qualify for tax relief at your highest marginal rate. The relief is claimed by the provider, Legal & General, on your behalf and added directly to your Stakeholder scheme. Legal & General can tell you more about how you obtain tax relief on these contributions.

Benefits

The principal benefits are:

  • A Pension, payable at retirement. The amount of pension will depend on a number of factors - how much your Stakeholder funds has built up, you age at retirement and prevailing economic conditions.
  • A tax free Cash Lump Sum of 25% of your accumulated Stakeholder fund.

If you have any queries, please contact Legal & General, telephone 08700 100 885.

Further sources of information

Explanatory Leaflets: the Explanatory Leaflets sent to all Stakeholder members provide further details of the scheme.

Stakeholder Provider: the Stakeholder provider is Legal & General, to whom all queries should be addressed. University employees should quote reference GF73322001.

Contact Details


Legal & General:
Tel: 08700 100 885
www.legalandgeneral.com