Changes to the University of Reading Employees' Pension Fund

Monday, 18 July 2011

A consultation concerning proposed changes to the University of Reading Employees' Pension Fund (UREPF) was held between 14 March and 3 June 2011.  This is the Pension Scheme relevant to staff on Grades 1- 5 and equivalent.

During this time 16 briefing sessions were held for staff and 6 meetings with the Trades Unions took place.  Over 1,500 members and eligible employees were sent consultation packs and 21 formal responses were received to the consultation. 

Changes have now been agreed by both the Trustees of UREPF and the University Council and come into effect from 1 August 2011.

The headline changes agreed by Council are as follows:

• UREPF will be closed to new entrants from 1 August 2011 and the benefit structure will move to a Career Average Revalued Earnings (CARE) type basis for existing members
• a new defined contribution scheme, the University of Reading Pension Scheme (URPS) will be established for new entrants from 1 August 2011.

Letters regarding the consultation outcome and giving a greater level of detail are currently being distributed to all staff in Grades 1 to 5 and equivalent.

The University is committed to providing a suitable pension scheme that helps members save towards their retirement and the changes made will ensure that UREPF remains affordable and sustainable for the future.