How much will I have to pay?
From 1 February 2017 active members have the choice of six accrual rates of future benefit accrual. The contribution rates are specified in the Scheme Rules and summarised below:
|Option||Member's contribution rate|
Contributions payable by the University of Bristol from 1 February 2017:
Normal Contributions: 14.2% of members’ pensionable salaries per annum.
This includes an allowance of 1.5% of pensionable salaries to meet administration expenses and PPF levy.
Recovery Plan Contributions: £6.9m payable p.a until 31 July 2030.
How are my contributions paid?
Your contributions will be deducted from your pay, giving you immediate automatic tax relief
Can I choose to pay more?
Yes. You may be able to pay extra contributions known as Additional Voluntary Contributions (AVC’). You are eligible to pay up to the balance of 100% of your pensionable salary into a ‘Free Standing AVC’ facility with the provider of your choice or you can build up a capital sum in University of Bristol Group Personal Pension. Please see section on Additional Voluntary Contributions for further details.
How much does the University pay?
Contributions payable by the University of Bristol from 1st February 2017:
Normal Contributions : 14.2% of members’ pensionable salaries per annum. This includes an allowance of 1.5% of pensionable salaries to meet administration expenses and PPF levy. Recovery Plan Contributions: 6.9m payable until 31 July 2030.
All the contributions to UBPAS are invested under the guidance of professional investment managers who are appointed by the Trustees. Every three years the UBPAS Actuary values the fund to make sure that there are enough assets to pay all of the pensions promised.
What are the tax advantages of UBPAS?
UBPAS has been approved by the Inland Revenue under Chapter 1, Part XIV of the Income and Corporation Taxes Act 1988.
This approval currently confers the following tax advantages:
- Full relief from income tax on your contributions to UBPAS; and
- The cash lump sums payable on retirement and death are free of tax.