Scottish Teachers' Pension Scheme (STPS)
The Scottish Teachers Pension Scheme 2015 is administered by the Scottish public pension agency, and the University, on behalf of the Scottish ministers.
All academic employees whether on permanent or temporary contracts automatically join the scheme.
Main benefits of the Scottish Teachers Pension Scheme
- Accrual rate of 1/57th, this means that 1/57th of your pensionable earnings each year goes towards your annual pension. This is revalued each year to increase by consumer price Index plus 1.6%.
- Normal pension age linked to your state pension age.
- Options to retire before your state pension age, from age 55 with reduced benefits.
- Phased Retirement available from age 60, reduce your working hours and take a portion of your pension benefits.
- Options to transfer in service from other pension schemes.
- Tax-free lump sum option at retirement.
- Tax relief on your contributions.
- Employee contributions vary from 7.2% to 11.9% depending on your salary with various options to increase your contributions.
- Employer contributions are 26%.
- Ill health retirement options.
- Valuable death benefits for your dependents including lump sum on death in service of 3 x full-time equivalent salary.
Increasing your Pension Benefits
You can elect to increase your pension whilst benefitting from tax free contributions, for more details see here : Making Additional Payments
McLeod/ Remedy judgement
During the transition between the Final Salary pension scheme (2012 STSS) and the Career Average scheme (2015 STPS), members within 10 years of retirement were given additional protections to remain in the final salary scheme. This was ruled to be discriminatory in the McLeod judgement.
As a result, all members who remained in the Final Salary scheme were moved to the Career Average scheme by 1st April 2022. Any members with service between 1st April 2015 and 31st March 2022 are to be given the choice of what to do with their pension accrued between these dates. The options are, i) remain in the Career Average scheme for this period or ii) move the service into the Final Salary scheme. This decision will be made at retirement.
SPPA will contact all affected members in the next 18 months, prioritising anyone who has already retired or is due to retire soon. For more information please see the SPPA website.
Opting Out
Should you wish to opt out from the scheme, further information is available at SPPA Website. An opt out form needs to be completed and forwarded to payroll@napier.ac.uk If you do decide to opt-out but later change your mind, you may apply to join at any time during your employment by emailing payroll@napier.ac.uk
Retiring
If you are intending to retire, please ensure that you notify The People Team at least 4 month's in advance of your preferred retiral date to allow enough time for Payroll and SPPA to complete your paperwork and ensure a seamless transition into retirement.
For further questions please visit SPPA Teachers Website
Or Log into your Members Self Service Online Account or sign up here
You can contact SPPA direct:
Telephone: 01896 893 000 e-mail: sppacontactus@gov.scot or by mail: SPPA, 7 Tweedside Park, Galashiels, TD1 3TE.