UBPAS in summary

With effect from 1 January 2020 the scheme will officially close to all future accrual. Active members of UBPAS will be treated as having opted out of UBPAS membership and will become deferred members.

With effect from 1 February 2017 UBPAS introduced a new schedule of employee contributions/benefit accrual rates for the period 1 February 2017 until the scheme closes on 31 December 2019.

UBPAS is approved by the Inland Revenue.

Key features of UBPAS are as follows:

Normal Contributions: From 1 February 2017 active members have the choice of six rates of future accrual. The contribution rates are specified in the Scheme Rules and summarised below:

OptionMember's contribution rate
1/80ths accrual 28%
1/100ths accrual 21%
1/110ths accrual 17%

1/125ths accrual

14%
1/135ths accrual 11%
1/150ths accrual 9%

Contributions payable by the University of Bristol from 1 February 2017:

Normal Contributions: 14.2% of members’ pensionable salaries per annum.

This includes a 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.

Again, after 1 February 2017 active members will accrue benefits at the rates above depending on the contributions rate they choose.

Recent history

Prior to the changes on 1 February 2017 UBPAS took the decision to close to new members. This took effect on 1 October 2010. The scheme remained open for existing members and benefits accrued to this date remained unchanged. The benefit structure of the scheme changed for future accrual from 1 November 2013, as summarised below:

OptionMember's contribution rate
1/80ths accrual 17%
1/100ths accrual 11%
1/110ths accrual 9%

The rates do not include members’ Additional Voluntary Contributions.

Contributions payable by the University of Bristol from 1 November 2013:

Normal Contributions: 13.2% 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: £0.175m payable p.a by 30 April 2015.

Again, after 1 November 2013 active members accrued benefits at the rates above depending on the contributions rate they choose. 

Additional Voluntary Contributions (AVC’S): You may increase your retirement benefits by paying AVC’s. You can build up a capital sum in a ‘Free standing AVC’ facility with the provider of your choice or you can build up a capital sum in UBGPP.

You are able to pay the balance of 100% of your pensionable salary into the above AVC facilities. Important: Your contributions to UBPAS qualify for tax relief at the highest marginal rate. The relief is given at source through the payroll. Contributions to a Free Standing AVC arrangement are not usually deduced through Payroll, so do not attract tax relief at source. Your Free Standing AVC provider can tell you more about how to obtain tax relief on these contributions.

Benefits

The principal benefits are:

  • A pension, payable at retirement at the rate of 1/80th x pensionable salary for each year of pensionable service accrued prior to 1st November 2013. After 1 November 2013 and 1 February 2017  active members will accrue benefits at the rates detailed above depending on each contribution rate they choose.
  • A tax free cash lump sum of 3x that pension.

Other benefits are:

  • Early retirement on the grounds of ill health,   members who have completed at least 2 years' active membership within UBPAS may be able to retire on Partial Incapacity grounds, where they will become entitled to an immediate pension and cash lump sum calculated by reference to their current Final Pensionable Salary and Pensionable Service to the date of leaving. Members who have completed at least 5 years' active membership within UBPAS may be able to retire on Total Incapacity grounds, where they will become entitled to an immediate pension and cash lump sum calculated by reference to their current Final Pensionable Salary and prospective Pensionable Service to Normal Retirement Date (capped at 40 years). 
  • A death-in-service cash lump sum,  equal to two years' salary if a dependant’s pension is payable, (four years’ salary if no dependant’s pension is payable), plus a further sum equal to the total contributions you paid to UBPAS.  This will be paid to a person or persons chosen at the discretion of the Trustees of the Scheme.  The Trustees will take into consideration persons previously nominated by the member.  You may nominate your beneficiaries on the Expression of wish form, which is available on this web site or from the Pensions Office.  Important: If your circumstances change, please remember to update your nomination by completing a new form.
  • A death of deferred pensioner cash lump sum, is equal to the total contributions you have paid into UBPAS
  • A Dependant's pension,  payable upon death to a surviving widow/widower or other dependant at the rate of either:
    - on death in service, 2/3rds of the pension that would have been payable had the member stayed in UBPAS until Normal Retirement Date
    - on death of a deferred pensioner before retirement2/3rds of the deferred pension; revalued to date of death
    - on death in retirement, 2/3rds of the pension in payment.
  • On death-in-service, up to two Child Pensions, payable on behalf of any of the member's children under the age of eighteen or remaining in full-time education at the date of death.  The amount payable to each child depends on the number of children who are eligible and if a dependant's pension is also being paid.
  • Nothing stated in this summary can override the Rules of the Scheme.

Further sources of information

  • The Pensions Office: Senate House, Tyndall Avenue, Bristol BS8 1TH
  • The Scheme Secretary of UBPAS:  Initial addressee for all enquiries to UBPAS Trustees is the Scheme Secretary, address as the Pensions Office.
  • Other key contacts

Constitution of UBPAS

UBPAS provides defined retirement benefits for its members, more commonly known as a final salary scheme.  It is contracted-out of the Second State Pension Scheme (S2P).

Who runs UBPAS?

UBPAS was established in 1969 under trust, and is governed by a Trust Deed and Rules, which form its legal basis.  There are two main reasons for this:

It makes sure that the pension scheme’s assets are kept separate from those of the employer, this is important for the security of members’ benefits and it is necessary to gain most tax advantages.

The stewardship of UBPAS is governed by a board of seven trustees.  The Trustees, acting separately from the University, hold and manage UBPAS assets for the members of the scheme.  The Trustees are responsible for ensuring that the pension scheme is run properly and that beneficiaries’ benefits are secure.

Of the seven trustees, three are Active Members of UBPAS nominated and elected by all members of the Scheme for a three-year term; and three are appointed by Council of the University to represent the University.  The Chairman is an independent person recommended by Council of the University for appointment by the other Trustees.

The Trustees, with the support of the Scheme Secretary, have a responsibility to ensure that UBPAS is run in accordance with the Trust Deed and Rules and have various professional advisers to assist them with their duties.  These advisers include auditors, actuaries, solicitors and investment managers.

Is UBPAS permanent?

The University's intention is that UBPAS should continue to be open for future benefit accrual until 31 December 2019.

When UBPAS is closed, your benefits will be secured out of the Scheme's assets in accordance with the Trust Deed and Rules.

Although the University have not entered into a legal obligation to provide the benefits, it would be required to make good any financial deficiency of UBPAS on its termination, in accordance with the terms of the Pension Schemes Act 2004.

Edit this page