Your Scheme Booklet Addendum
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1 University of Stirling Pension Scheme Your Scheme Booklet Addendum
2 Your Scheme Booklet Addendum This Addendum amends the November 2004 A member s guide to benefits. With the exception of points 31 and 32 on page 7, all references in the booklet to the Director of Finance and the Finance Office should be replaced by Human Resources Services. The reference in factsheet 8 to Personnel Office should be replaced by Human Resources Services. In addition, there are a number of changes to your Scheme including those relating to recent legislation as follows: 1. The words Department of Social Security in the definition of Basic State Pension in Section 2 Glossary of terms are deleted and replaced by the words Department for Work and Pensions. 2. The final paragraph in the definition of Child in Section 2 Glossary of terms is deleted and replaced by: A person will qualify as a Child until they are aged 18, or during any period after attaining age 18 and prior to reaching age 23 during which they are in receipt of full-time education or vocational training unless given in the course of employment. 3. The following definition of Civil Partner is added after the definition of Child in Section 2 Glossary of terms: Civil Partner Your registered Civil Partner as defined in the Civil Partnership Act All references to spouse will include references to a Civil Partner. 4. The following paragraph is added after the definition of Dependant(s) in Section 2 Glossary of terms: Any payment to Dependants will be checked when the payment is first due and from time to time to ensure that no unauthorised payment is made in terms of the Finance Act The following definition of Eligible Employee is added after the definition of Dependant(s) in Section 2 Glossary of terms: Eligible Employee Any employee whose contract of employment allows him to join the Scheme and who has attained the age of 18, but has not attained the age of 64 or such other upper entry age as may be specified in that contract; who has been in continuous Service with an employer for 3 months; and whose admission to the Scheme would not affect Registration of the Scheme under the Finance Act The following paragraph is added after the definition of Final Pensionable Salary in Section 2 Glossary of terms: Where Pensionable Service commenced for a second or further and separate period under Section 10 Security when you retire, Final Pensionable Salary in respect of such second or further and separate period of Pensionable Service will (with the agreement of the Trustees and the University) be calculated on the basis of replacing the words your Normal Retirement Date (or date of leaving) and you retire or leave, if earlier in the paragraph above with the words you cease to be in Pensionable Service where the relevant period of Pensionable Service relates only to such second or further and separate period of Pensionable Service. 1
3 7. The definition of Permanent Employee in Section 2 Glossary of terms is deleted and all references to Permanent Employee will be deemed to be references to Eligible Employee. 8. The definition of Total Annual Earnings in Section 2 Glossary of terms is deleted and replaced by: Total Annual Earnings Earnings including bonuses and benefits as reported annually to HM Revenue and Customs (HMRC). Before 6 April 2006 HMRC imposed an upper limit on pay and contributions. The Trustees and the Principal Employer have decided to retain this limit for the purposes of the Scheme. In the unlikely event that your earnings exceed this limit, your benefits would be restricted. We will advise you if this is necessary in your case. 9. The final paragraph of Section 5 Tax advantages is deleted and replaced by: The Scheme is a registered scheme under the Finance Act 2004 and consequently has all of the tax advantages of a registered scheme. 10. Eligibility in Section 6 Joining the Scheme is deleted and replaced by: Eligibility You can join if you are an Eligible Employee. If you meet theses requirements you can join immediately by completing an application form and returning it to Human Resources Services at the address shown on page 3. If you decide not to join the Scheme you will not be covered for any of the benefits described in this booklet and the University will not contribute to any other pension scheme for you. Factsheet 2 explains all of your pension options in greater detail. 11. Additional Voluntary Contributions in Section 7 Contributing to the Scheme is deleted and replaced by: Additional Voluntary Contributions Many people prefer to contribute more than the normal contribution rate to boost their income in retirement. If you are unlikely to achieve 40 years Pensionable Service, you may wish to consider adding to your pension. This is possible by paying Additional Voluntary Contributions (AVCs). The maximum contribution you may pay is 20% of your Pensionable Salary. Since your normal contribution rate is 5% of Pensionable Salary the most you are able to pay as AVCs is 15% of your Pensionable Salary in any tax year. This figure will change in line with any changes in the normal contribution rate. AVCs are also tax free so the net cost to you is less than the amount you pay, for example: Salary 10, AVC contribution 3% Contribution Less tax Net AVC contribution Net contribution rate 2.4% The Trustees have arranged for AVCs to be paid into an account for you with a leading AVC provider. Your contributions can either be a fixed monetary amount per month or a percentage of your basic salary. You may choose between a With-Profits Fund and a Managed Fund. Details of these funds are outlined in Factsheet 8 and are available from Human Resources Services, where you can also obtain an AVC leaflet and an application form. If you need further advice you should speak to an independent financial adviser. 2
4 12. The following paragraph is inserted after the second paragraph of the third bullet point in section 8 Cover during your working career: If you have taken a pension and continued to accrue further benefits the Trustees will, as advised by the Actuary, reduce your spouse s (or Dependant s) pension payable to reflect any post-death payments deriving from the pension taken. 13. The following paragraph is inserted after the second paragraph of the fourth bullet point in section 8 Cover during your working career: If you have taken a pension and continued to accrue further benefits the Trustees will, as advised by the Actuary, reduce your Child s pension payable to reflect any post-death payments deriving from the pension taken. 14. The first paragraph of the section headed Pension increases under section 8 Cover during your working career is deleted and replaced by: Once in payment, pensions will increase annually on 1 April. Pensions earned under the Scheme after 5 April 1997 and up to 31 December 2005 will increase in payment in line with the Retail Prices Index (RPI) up to 5% a year. Pensions earned under the Scheme on and after 1 January 2006 will increase in payment in line with the RPI up to 2.5% a year. 15. The following paragraph is inserted at the beginning of Section 10 Security when you retire: You do not have to leave the University to receive a pension. Your Normal Retirement Date under the Scheme will still be age 65 but you may apply to receive your pension from age 55 (or age 50 before 6 April 2010). Benefits have to come into payment before age 75. If your pension starts and you remain in employment benefits will continue to accrue under the Scheme in respect of you if you decide to continue contributions. The additional benefits accrued during the period covered by the range of retirement ages will be earned on the basis of additional Pensionable Service. 16. The section headed Tax-free Cash Sum in Section 10 Security when you retire is deleted and replaced by: Tax-free Cash Sum If you have not made any AVCs your cash sum is equivalent to three times your Normal Retirement Pension and is calculated as follows: Pensionable Service 25 yrs x Annual Rate 3/80 x Final Pensionable Salary 12, = Tax-free Cash Sum 11, If you have made AVCs the maximum cash sum you may take is equal to 25% of the value of your retirement benefits using a statutory conversion rate. Details of your estimated Tax-free Cash Sum at Normal Retirement Date, based on your current Pensionable Service and Pensionable Salary, are shown on your annual benefit statement. 3
5 17. The following words are added after the words the age of 50 in Section 12 Early retirement: (55, on and after 6 April 2010). 18. Section 13 Late retirement is deleted and replaced by: If you continue working after your Normal Retirement Date and you do not opt to continue in Pensionable Service as described in section 10 Security when you retire, your contributions will stop and you will receive your pension when you retire (but not later than your 75th birthday). When you eventually retire, the pension which you earned up to Normal Retirement Date will be increased to allow for the later payment. The rate of increase will be recommended by the Actuary and agreed by the Trustees and the University. You might be allowed to take your benefits before you actually retire. Please note that you will cease to be covered for the life assurance benefits described in Section 8 Cover during your working career, once you cease to be in Pensionable Service. If you die while still employed by the University after Normal Retirement Date and not in Pensionable Service, your benefits will be calculated as if your pension had started on the date you died (if it has not already started). 19. The first paragraph of the section Ill-health pension in Section 14 Retirement on grounds of permanent ill health is deleted and replaced by: If the Trustees have received evidence from a registered medical practitioner that you are (and will continue to be) incapable of carrying on your current occupation because of injury, sickness, disease or disability and you have ceased to carry on that occupation, the Trustees and the University may allow you to retire early due to ill-health. Your retirement pension will be calculated using your Final Pensionable Salary at the date you retire and your Pensionable Service. 20. The words Pensionable Salary in the first paragraph of Children s Pensions in Section 15 Death after retirement are deleted and replaced by the words Final Pensionable Salary. 21. The section headed Five year guarantee in section 15 Death after retirement is deleted and replaced by: Five year guarantee If your death is within the first five years of taking pension there will be payable at the discretion of the Trustees to your surviving spouse or Dependants either of the following benefits: (a) a lump sum in respect of the remaining pension payments you would have received over the five year period following the start of the initial pension, reduced for immediate payment, and if you have accrued further benefits under a separate period of Pensionable Service, having already taken a pension, a lump sum in respect of the remaining pension payments you would have received over the five year period following the start of the pension relating to the separate period of Pensionable Service reduced for immediate payment, or (b) a pension, at the discretion of the Trustees, in favour of your surviving spouse or Dependants, equal in amount to the pension that would have continued to be paid to you to the end of the five year period following the start of the relevant pension to you. 4
6 22. The following sentence is to be added after the first bullet point under the heading Less than two years membership in section 16 Leaving the Scheme There will also be a reduction made from your contribution refund to re-instate you into the State Second Pension (S2P) for the period when both you and the University paid reduced rate National Insurance Contributions as a result of you being contracted out of S2P. The following paragraph is added after the second bullet point under the heading Less than two years membership in section 16 Leaving the Scheme: If you have been a member for at least 3 months, you will have the option of taking a short service transfer payment equal to the value of your benefits which could have been preserved in the Scheme if you had been entitled to keep a Deferred Pension under the Scheme at the date you left. Your options will be advised to you within 3 months of leaving the Scheme. You will then have a further 3 months to choose whether to take a transfer payment or a refund of your contributions. If you have not made a decision by the end of the 3 month period, the Trustees will automatically refund your contributions. 23. The words for pensions earned before 6 April 2009 and by 2.5% or the rise in the Retail Prices Index for pensions earned on and after 6 April 2009 if less are added after the words by 5% or the rise in the Retail Prices Index if less in the paragraph after the example in the section headed Deferred Pension in section 16 Leaving the Scheme. 24. The words Pensionable Salary at date of death are deleted and replaced by the words Pensionable Salary at the date of leaving revalued to date of death in both occasions where they appear in the section Before Retirement of section 16 Leaving the Scheme. 25. The words Pensionable Salary at date of death are deleted and replaced by the words Final Pensionable Salary revalued to date of death in the section After Retirement of section 16 Leaving the Scheme. 5
7 26. The details of the Occupational Pensions Regulatory Authority and Opra (The Pension Schemes Registry) detailed in section 18 Further information should be deleted and replaced with the following: The Pensions Regulator Napier House Trafalgar Place Brighton BN1 4DW Telephone: (customer support) Web site: The Pensions Regulator can intervene in the running of pension scheme where employers, trustees or their professional advisers have failed in their duties. Pensions Tracing Service Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA Telephone: Web site: The Department for Work and Pensions maintains a register of pension schemes. They provide a tracing service which can help you if you have lost track of a previous pension scheme. For example, you might have lost touch when you changed jobs, or if a former employer has changed its name. This could mean that you cannot claim your pensions when you retire. 27. Reference to the Pensions Association OPAS the Pensions Advisory Service in section 18 Further information should be deleted and replaced by The Pensions Advisory Service Limited. The telephone number has not changed. The web site is now The following paragraph is added before the section headed Divorce in section 18 Further information: Payment of tax and other charges The Trustees can reduce your benefits by an amount equal to any tax which is payable. In addition, if any liability for a charge under the Finance Act 2004 arises on paying a benefit or sum from the Scheme, the Trustees can reduce the benefit or sum by the amount of the charge. 29. References to an ex-spouse in the section headed Divorce in section 18 Further information will include an ex-civil partner. 30. The words fixed rate of 4 1/4% a year are deleted and replaced by the words fixed rate of 4% a year from 6 April 2007 under the bullet point If you leave the Scheme in Factsheet 1. 6
8 31. The reference to John Gordon, the Director of Finance are replaced by Douglas Mair, Secretary to the Trustees, c/o Aon Consulting, 131 St. Vincent Street, Glasgow, G2 5JF in the section headed How do I make a formal complaint? in Factsheet The reference to the Director of Finance is replaced by Douglas Mair, Secretary to the Trustees in the section headed Stage 2 The Trustees in Factsheet The paragraph headed Pension for your spouse in Factsheet 1 is deleted and replaced by: Pension for your spouse or civil partner On your death before or after retirement, the pension (a) for your widow must be at least equal to half the GMP you earned for Scheme membership before 6 April 1997, and (b) for your widower or civil partner half the GMP you earned for Scheme membership after 5 April 1988 and before 6 April The words Inland Revenue imposes in the section headed Maximum permitted salary (salary cap) in Factsheet 6 are deleted and replaced with the words Scheme imposes. 35. The section headed Will a pension be payable in respect of my children? in Factsheet 7 is deleted and replaced by: Will a pension be payable in respect of my children? To be eligible, a child must be your legitimate child (including a legally adopted child or stepchild) under the age of 18 (or under age 23 if in receipt of full-time education or vocational training unless given in the course of employment). A child s pension is paid for the benefit or up to two children until age 18 or age 23 if in receipt of full-time education or vocational training unless given in the course of employment. Where more than two children are eligible, the pension will initially be payable for the benefit of the two eldest. If you have any questions on the contents of this Addendum or on any other aspect of the Scheme or on your own entitlements, please contact: Douglas Mair Secretary to the Trustees c/o Aon Consulting Limited 131 St Vincent Street Glasgow G2 5JF July 2009 Please keep this Addendum with your existing booklet ( A member s guide to benefits ) for future reference. 7
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