The university administers a number of pension schemes.The majority of university staff are eligible to join one of two main defined benefits pension schemes:
- The Local Government Pension Scheme (LGPS)
- The Teacher's Pension Scheme
Your letter of appointment will detail which pension scheme is applicable to your role. Please note membership in the applicable scheme may be automatic unless you elect to opt-out.
Local Government Pension Scheme
This is an occupational defined benefits pension scheme, paid for by employee and employer contributions. Your rate of contribution will be between 5.5 - 12.5% of pensionable earnings, which is deducted from your salary every month.
The university will contribute 18% of your pensionable earnings.
Non-academic professional and support staff under the age of 75 will automatically be members of this scheme. Casual staff can also elect to join.
Teacher's Pension Scheme
This is an occupational defined benefits pension scheme, paid for by employee and employer contributions.
Your rate of contribution will be between 7.4% - 11.7% of pensionable earnings, which is deducted from your salary every month. The university will contribute 23.68% of your pensionable earnings.
Academic staff will automatically be members of this scheme.
Both schemes offer guaranteed retirement benefits, consisting of an annual pension and an optional tax-free lump sum, which are index-linked so that their original purchasing power is maintained. (You can increase your pension by paying additional voluntary contributions).
Both schemes also make provision for ill-health retirement, death in service and family benefits.
All contribution rates referred to above are effective from 1 April 2023.
Further details are available here.