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UMSS FAQs

Last updated Tuesday, 27 July 2021

1) Can I start to receive my pension immediately if my VS application is approved?

Yes, provided you are at least age 55 and have completed a minimum of 5 years pensionable service.

2) I am under age 55, what will happen to my pension if I take VS?

The benefits you have earned in UMSS will remain in the scheme until you apply to draw them, the earliest age is 55 years.  You can also consider transferring your benefits to another pension arrangement.

3) What benefits can I receive if I want to start drawing my pension immediately?

Your immediate pension and tax free cash sum will be calculated according to the rules of UMSS for the sections of which you have been and are currently a member, either Final Salary or CARE (Career Average Revalued Earnings), or both.  

If you are retiring before age 66, some of your pension may be reduced for early payment.

4) How are benefits reduced for early payment in UMSS? 

This is complex and depends on when you last joined UMSS and your age when you start to receive your    benefits.  Please see Appendix 1.

5) Will the University increase my pension entitlement if I take VS? 

Your UMSS benefits will be set up according to the scheme rules and the University will not enhance your benefits.  You can choose to use your VS payment to improve your benefits, please see questions 7 and 8 below.

6) Do I have to start receiving my pension if I meet the above criteria?

No, you do not have to start receiving your benefits immediately if you qualify for payment of your pension.  

If you decide not to draw your benefits on leaving the University, they will be deferred and revalued each year until retirement (see Appendix 2).

7) How can I use my VS payment?

If you are a member of UMSS and drawing your pension immediately or deferring receipt of your pension until a later date, it may be possible (within pensions tax allowances) for you to forego some or all of your VS payment, except for any payment in lieu if notice, and instead ask the University to pay this into UMSS to improve your benefits.   

8) Are increases paid on my benefits? 

Both deferred benefits and pensions in payment increase as described in Appendix 2.

9) Where can I find further information about my pension?

Please contact the Pensions Office at pensions@manchester.ac.uk

Appendix 1

Early retirement in UMSS

The reduction is approximately 4% for each year that you retire early, in accordance with the following table.

Age on 1 April 2012

Retirement age is below age 60

Retirement age is on or over age 60

 

 

 

55 or more

All benefits are reduced for the period between age 60 and retirement date.

All benefits are paid unreduced

Under age 55

Pre April 2012 benefits are reduced for the period between

age 60 and retirement date

AND

Benefits between 1 April 2012 and 31 October 2020 are reduced for the period between age 65 and retirement date

AND

Benefits earned from 1 November 2020 are reduced for the period between age 66 and retirement date.

Pre April 2012 benefits are paid

unreduced

AND

Post April 2012 benefits are reduced for

the period between age 65 and retirement date.

Appendix 2

Increases to deferred benefits and pensions in payment

Benefits earned before 1 April 2012

Benefits earned after 1 April 2012

Increase applied on 1 April each year, in line with the annual rise in the RPI to the preceding 31 December, subject to a maximum increase of 5% pa.

Increase applied on 1 April each year, in line with the annual rise in the CPI to the preceding 31 December, subject to a maximum increase of 5% pa.