UBPAS: Part time employees
Can I join UBPAS if I am working part-time?
Yes. The joining criteria are the same for a part-time employee as for a full-time employee.
How much do I pay to UBPAS if I am working part-time?
The contribution rate is the same as that for full time employees, but calculated against your actual part time salary.
How does working part-time affect my benefits?
As a member of UBPAS working part-time, the service you accrue will be at the rate of your part-time employment. For example, if you work at 50% of full time for two years, the Pensionable Service you will accrue will be one year.
What happens if I change my hours?
If you increase or decrease your hours during your membership of UBPAS, your Pensionable Service rate of accrual will also change. Any change will not affect the Pensionable Service accrued up to the date of change.
For example, if you have worked full time for most of your membership and then reduce your hours of working, the Pensionable Service accrued at the full-time rate will remain, and the part-time Pensionable Service will be added to it.
Are my benefits calculated differently to a full-time member?
The basis of the calculation of UBPAS benefits is exactly the same for full-time and part-time members.
The annual pension is calculated as:
For benefits accrued before 1st November 2013: 1/80th x Final Pensionable Salary x Pensionable Service in the scheme prior to November 2013.
Plus, for benefits accrued from 1st November 2013: accrual rate x Final Pensionable Salary x Pensionable Service in the scheme from 1st November 2013.
Plus, for benefits accrued from 1 February 2017: accrual rate x Final Pensionable Salary x Pensionable Service in scheme from 1 February 2017.
In addition, you will also receive a cash lump sum (which under present legislation will be tax free) calculated as follows:
3x annual pension (as calculated above)
Pensionable Service has been explained; what about Final Pensionable Salary?
Final Pensionable Salary is the full-time rate of pay applicable to your post, prior to leaving UBPAS. After the scheme closes on 1 January 2020 the Final Pensionable Salary will be frozen at 31 December 2019
Can you show an example of how the benefits will be calculated for a part-time member?
Yes. Mrs P is leaving the University after ten years of employment and membership of UBPAS. She has worked half time for the whole period, and has been on a part-time salary of £10,000 per annum for the last year of her membership. From 1st November 2013 Mrs P elected to continue accruing benefits at the rate of 1/80th (unchanged from her accrual rate before this date) Plus from 1 February 2017 she again continued to accrue benefits at a rate of 1/80th.
Her benefits will be calculated as follows:
Final Pensionable Salary: £10,000 x 2 = £20,000
Pensionable Service: 10 years x 1/2 = 5 years
Annual Pension: 1/80th x £20,000 x 5 years = £1,250 p.a.
Tax-free lump sum: 3/80th x £20,000 x 5 years = £3,750