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University Pension Schemes

The University administers 2 pension schemes: Lothian Pension Fund for Technical and Support Staff; and the Scottish Teachers Superannuation Scheme for Academic Staff.

 

Changes to National Insurance contributions from April 2016

 
If you are a member of one of the University’s pension schemes, your National Insurance (NI) contributions will increase from April 2016.
 
Paying higher NI will reduce your monthly income.  The University’s NI contributions in respect of your employment will also increase. 
 
These changes to your NI are due to the Government introducing a new single tier State Pension which has been designed to be fairer and simpler to understand.
 
FAQ’s on the NI changes are available here: Changes to NI - April 2016 
 
Further information on the new State Pension is available at www.gov.uk/new-state-pension 
 
If you are not a member of the either of the University’s pension schemes your NI contributions will not be affected.

 

Important changes to your pension 

From 1 April 2015, significant changes will take effect to the University’s pensions schemes – Local Government Pension Scheme (LGPS) and Scottish Teachers Superannuation Scheme (STSS).
 

Main Changes to Local Government Pension Scheme (LGPS scheme) as administered by Lothian Pension Fund

 
These include:
 
• A change from a final salary to career average scheme
• Change to pension accrual rate
• The introduction of a 50/50 option
• Changes to the definition of pensionable pay and the introduction of "assumed pay"
• Pension protections for staff close to retirement age
 
To see how these changes affect you, please visit http://scotlgps2015.org for Lothian Pension Fund
 
 

Main Changes to Scottish Teachers Superannuation Scheme (STSS)

 
These include:
 
• A new scheme Scottish Teachers Pension Scheme (STPS) will be introduced and the existing STSS scheme is closed to new members.
• A change from a final salary to career average scheme
• Change to pension accrual rate
• Option to pay additional contributions to increase pension benefits, by selecting a faster accrual rate.
• Staff close to retirement age remain in existing scheme.

 

To see how these changes affect you, please visit http://2015.sppa.gov.uk/scheme/teachers for Scottish Teachers Superannuation Scheme. 

  

Lothian Pension Fund

Technical and Support Employees who are on contracts of more than 3 months automatically join the scheme. Employees on a shorter contract which is then extended to longer than 3 months will have the opportunity to back-date their contributions to their start date with the University.

 

Should you wish to opt out from the scheme, please complete the opt out form available from http://www.lpf.org.uk  and send the completed form to Payroll in room 7.B.37 Sighthill.

 

If you previously opted not to join the scheme, you can later become a member by emailing Payroll.

 

Key Facts about Lothian Pension Fund

Employers contribution = 19.4%
Retirement Age = optional from 60-65
Premature Retirement = from age 55 with reduced benefits at the employer's discretion
Increased Benefits = Additional Voluntary Contributions, Free-Standing Additional Voluntary Contributions, Added Regular Contributions, Concurrent Schemes.

 

Contribution rates for employees from April 2017

 

Actual Pensionable Pay
 Employee Contribution rate 
On earnings up to and including £20,700
5.5%
On earnings above £20,700 and up to £25,300
 7.25%
On earnings above £25,300 and up to £34,700
8.5%
On earnings above £34,700 and up to £46,300
9.5%
On earnings above £46,300
12%

 

For more information please visit the Lothian Pension Fund 

Scottish Teachers Superannuation Scheme

 

Academic Employees on permanent or temporary contracts automatically join the scheme. 

Should you wish to opt out from the scheme, please contact the Scottish Teachers' Superannuation Scheme (STSS) at http://www.sppa.gov.uk If you do decide to opt-out of the STSS scheme, but later change your mind, you may apply to join at any time during your employment. Please email Payroll to confirm that you wish to opt in to the scheme.

 

Key Facts About the Scottish Teachers' Superannuation Scheme

Employers contribution = 17.2%
Retirement Age = from age 60-70. At age 70 benefit will automatically be paid if still teaching.
Premature Retirement (e.g. redundancy, efficiency exercise) = from age 50-59 actuarial reduction applies. This is at the employer's discretion.
Retirement Benefits = see website.
Increased Benefits = Additional Voluntary Contributions, Free-Standing Additional Voluntary Contributions, Past Added Years, Current Added Years.

 

Contribution rates for employees from April 2017

 

Actual Pensionable Pay
Contribution rate 2015/16
 
Up to £26,259
 
7.2%
£26,260 to £34,35,349
 
8.7%
£35,350 to £41,914
 
9.7%
£41,915 to £55,549
 
10.4%
£55,550 to £75,749
 
11.5%
£75,750 and above
 
11.9%

 

For more information please visit the Scottish Teachers' Superannuation Scheme Website.