MyGlasgow News

Following extensive consultations which began last summer, changes to the University of Glasgow Pension Scheme (UGPS) have been agreed by Court and the University has been working with the scheme Trustees to put these into effect from the start of April. The changes have been made in order to strengthen the future security of the scheme.

The confirmed changes are:

• The scheme is now closed to new members from 1 April 2014. Eligible employees who weren’t members of the scheme were written to on 13th March 2014 highlighting that they still had an opportunity to join before 31st March 2014
• The employee contribution rate will increase from 6% to 7.5% and this will be reflected in April salaries.
• Normal retirement age will be linked to state pension age.
• The right to take an unreduced pension from age 60 will be removed for future service. For staff retiring from age 60, pension accrued in respect of service up to 31 March 2014 will still be payable without reduction.
• Members aged 55 or above on 1 April 2014 will be exempt from the above change.
• New University employees in Grades 1-5 will now join the National Employment Savings Trust (NEST).

The University believes that UGPS is an extremely valuable benefit for current staff which provides a lifetime pension at retirement, linked to final salary, death-in-service benefits and dependants’ benefits.

You can read more about the changes here.

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First published: 25 April 2014