The University of Sheffield Pension Scheme (USPS) Flexible Retirement Plan
These pages provide information for University staff about the USPS Flexible Retirement Plan.
The USPS Flexible Retirement Plan is available to all University staff on grades 1 to 5.
Members of the USPS Flexible Retirement Plan build up a guaranteed level of benefits which can be accessed on retirement, as tax-free cash and/or to provide an income for life. The benefits built up each year depend on the level of member contributions, and range from 10% of your salary up to 27% (up to 28% for staff who were previously members of the final salary scheme at the University on 30 November 2011).
The level of member contribution levels is flexible, and can be amended annually to suit the member’s circumstances whilst still providing continuous membership to ensure members continue to benefit from the additional benefits of membership of the USPS Flexible Retirement Plan. Member contributions can range from 2% of pensionable pay up to 10%. A table of member contribution levels and corresponding benefits is provided below.
|
Eligibility
|
All members
|
USPS members as at 30 November 2011
|
|||||
|---|---|---|---|---|---|---|---|
| Member contribution (% of pensionable pay) |
2%
|
4%
|
6%
|
8%
|
10%
|
7%
|
9%
|
| Total credit at normal pension age (including member contribution) |
10%
|
15%
|
20%
|
25%
|
27%
|
23%
|
28%
|
In addition to building up funds for your retirement, by being a member of the USPS Flexible Retirement Plan you will have the reassurance that your dependants will receive a cash lump sum equivalent to 4 times your salary plus all of your contributions into the plan, in the unfortunate event of your death whilst working at the University. You’ll also be covered in the event of ill-health preventing you from working in the future, all at no additional cost to you. Only members of the USPS Flexible Retirement Plan receive this additional cover. [Please note that life cover and the availability of ill-health benefits may be subject to relevant health checks on joining the scheme and may be restricted.
Members of USPS on 30 November 2011 may benefit from further transitional arrangements following on-going discussions between The University of Sheffield and representatives from Unison and Unite. Details of these discussions can be found at www.sheffield.ac.uk/uspsreview.
Information on the final salary section of USPS which closed to future accrual of benefits on 1 December 2011 is available here. This section will only be relevant for staff who were members of USPS on or before 30 November 2011.
Need help or more information?
If you are visiting the Department of Finance in person then you can find out more about how to find us and our opening times.
Who to contact
If you have queries about your salary payments and deductions please contact the Payroll Team
If you have queries about core or lifestyle benefits please contact the rewards and benefits team on 0114 22 21490 or at rewardandbenefits@sheffield.ac.uk
Postal Address:
Pensions Office, Department of Finance, University of Sheffield, Firth Court, Western Bank, Sheffield, S10 2TN
Location Address:
Pensions Office, Finance Department, Arts Tower, Western Bank, Sheffield, S10 2TN