The University of Manchester Pension Saver
Introduction
Pension Saver is the pension scheme for staff on grades 1-5 who join the University on or after 1 January 2019.
Employees in grades 1-5 who joined the University before 1 January 2019 may choose to join Pension Saver. Please contact the Pensions Office for further information.
Pension Saver is a defined contribution scheme where members build up a fund or pension account in their own name. The value of the account is based on how much is paid in and the investment performance of the account.
Pension Saver is run by Legal & General (L&G) as a group personal pension scheme. Further details about investment and retirement options can be found on the L&G website.
Contributions
New employees are enrolled into Pension Saver with an initial contribution of 4% of pay. Thereafter any rate of contribution can be chosen. The table below shows the amount the University will contribute depending on your level of contribution.
|
You contribute |
The University contributes |
Total into your Pension Saver Account |
|
0% |
9.50% |
9.50% |
|
1% |
10.50% |
11.50% |
|
2% |
11.50% |
13.50% |
|
3% |
12.50% |
15.50% |
|
4% |
13.50% |
17.50% |
|
5% |
14.50% |
19.50% |
|
6% |
15.50% |
21.50% |
|
7 % |
16.50% |
23.50% |
If you wish to change your contribution rate please complete this form Pension Saver Contribution Change form
Other benefits
As a member of Pension Saver as well as saving for retirement, members are also covered for death in service and incapacity benefits.
If you die in service before age 75 as a current member of Pension Saver, a lump sum of 7 x pensionable salary is payable. This benefit is provided by an insurance company so please ensure you complete a Nomination Form to provide details of who you would like to be considered for receiving this benefit should you die in service. Please ensure a Nomination Form (Life Assurance) is completed.
In addition the value of your L&G pension account is available to provide benefits to your dependants. Please also complete the L&G Nomination Form (L&G Nomination Form)
Once you have been a member of Pension Saver for 3 years, if you are permanently incapacitated from work, as certified by a medical practitioner, you may qualify for regular payments. Up to 50% of your basic salary may be paid until the earlier of five years or age 70. These payments would not start until after twelve months' continuous absence from work.
Auto-enrolment compliance
Pension Saver is a qualifying scheme for auto-enrolment purposes.
Q & A s
What type of pension scheme is The University of Manchester Pension Saver?
Pension Saver is a Defined Contribution scheme. More information can be found on the L&G website https://www.legalandgeneral.com/workplace/u/university-of-manchester
When can I access my pension account?
The earliest you can access your account is age 55.
Can I transfer benefits into Pension Saver?
You may be able to transfer in benefits from other pension schemes, for more information please click here. Please note that if you are transferring benefits from a Defined Benefit pension scheme, pension regulations require independent financial advice to be obtained if the transfer value is more than £30,000. A copy of the advice must be provided to the Pensions Office.
How much can I contribute to Pension Saver?
You can choose to pay anything from 0% each month to what is affordable. Further details of contribution choices are in the table above.
Can I Opt out of Pension Saver?
Yes you can opt out of Pension Saver; details are provided in the L&G welcome pack or you can visit the L&G website and log into your personal account. If you opt out within one month of joining you will receive a full refund of your contributions. If you withdraw from Pension Saver after one month of membership your contributions will remain invested until you access them.
What if I leave the University?
The University will notify L&G that you have left employment. L&G will then contact you directly with details of all the options available to you.