University Pension Schemes
The University administers 2 pension schemes: Lothian Pension Fund for Research, Technical and Support Staff; and the Scottish Teachers' Pension Scheme for Academic Staff. For new members both of these are CARE schemes (Career Average Revalued Earnings).
The CARE scheme is similar to a Defined Benefit Pension Scheme, however it differs in the way your 'pensionable earnings' are calculated - this is based on your 'average earnings' over the course of your active membership in the scheme.
Lothian Pension Fund
Contact details - Telephone - 0131 529 4638; e-mail - firstname.lastname@example.org; by mail - Lothian Pension Fund, PO Box 24158, Edinburgh, EH3 1GY
Research, 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 the LPF website and forward to email@example.com. If you do decide to opt-out of the LPF scheme, but later change your mind, you may apply to join at any time during your employment by emailing Payroll.
Edinburgh Napier University has discretion over some pension regulations, information regarding this can be found in the Discretions Policy.
Key Facts about Lothian Pension Fund
Employees contribution = Between 5.5 and 11.2% dependant on salary. See here for current rates
Employers contribution = 20.8%
Retirement Age = optional from 55 years, however you must take your benefits by 75 years
Increasing your pension = Buying extra pensions i.e. Additional Pension Contributions (APCs) or paying Additional Voluntary Contributions (AVCs)
For more information please visit the Lothian Pension Fund .
Scottish Teachers' Pension Scheme
Contact details: telephone - 01896 893 000; e-mail - firstname.lastname@example.org; by mail - SPPA, 7 Tweedside Park, Galashiels, TD1 3TE.
All academic employees whether on permanent
or temporary contracts automatically join the scheme.
Should you wish to opt out from the scheme, please complete an opt out form available from the SPPA website and send to Payroll. If you do decide to opt-out of the STPS scheme, but later change your mind, you may apply to join at any time during your employment by emailing Payroll.
Key Facts About the Scottish Teachers' Pension Scheme 2015
Employees contribution = Between 7.2 and 11.9% dependant on salary. See SPPA website for current rates
Employers contribution = 23%
Retirement Age = from age 60
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 Pensions (AP), Additional Voluntary Contributions (AVCs), Free-Standing Additional Voluntary Contributions (FSAVCs). See more information here.
For more information please visit the SPPA Website.
Academic Staff – Scottish Teachers Superannuation Scheme (STSS)
This scheme closed to new members in April
2015 with existing members either remaining in the scheme of transition to the
Scottish Teachers Pension Scheme. Some of our academic staff
have retained membership of this scheme, if you are a member, you can find
further information about the scheme benefits at: https://pensions.gov.scot/teachers/about-teachers-pensions/scottish-teachers-superannuation-scheme
Pay in Lieu of Pension Policy
benefits earned by individuals in the UK, which qualify to receive tax relief,
are restricted to maximum allowances permitted by HM Revenue & Customs
(HMRC). Changes to
pension taxation have meant that pension benefits earned in a single year or
over a working lifetime that exceed the Annual Allowance or Lifetime allowance
can lead to excess tax charges.
While we are under no legal obligation to offer and in no way seek to
incentivise pension opt out due to personal tax liabilities, we recognise that
limits placed on these allowances are such that it may suit employees (from a
personal tax liability perspective) to cease the build-up of further
pensionable service, or other accrual of benefits due to taxation relating to
their pension. This Policy applies to both our pension schemes,
Lothian Pension Fund and the Scottish Teachers Superannuation Scheme, however
is only available to those who have reached the Lifetime allowance set by HMRC.
Pay in lieu of pension contributions is not available for those who chose not
to go into the pension for any other reasons
Further information is available in the Pay in lieu of Pension Policy.