Brand new University pension scheme launched today

Monday, 01 August 2011

Monday 1 August sees the University launch its brand new pension scheme - University of Reading Pension Scheme (URPS).

This Scheme is available for employees who are on Framework Grades 1-5 or equivalent and anyone aged 22 or over who is appointed to a post from 1 August will automatically be entered as a member of this Scheme (existing employees continue in membership of the University of Reading Employees' Pension Fund). 

Other members of staff who are not already in a pension scheme, or those under 22 are invited to join by application. Members will pay 4% of their pay into the Scheme and will receive tax relief on this contribution. The employer will contribute 5%, and this will rise to 7% following 5 years' continuous membership of the Scheme.  Individuals can choose to increase their personal rate of contributions to the Scheme simply by notifying the Pensions Office.

URPS is a Defined Contribution (often known as Money Purchase) scheme. The total contributions paid by the member and the employer are invested in a range of funds chosen by the Trustee of the Scheme and provided by our pension partners, BlackRock. The value of these funds is used to buy pension benefits when the member retires.   

Members are encouraged to take an active interest in their retirement planning and have options under the Scheme such as the selection of a target retirement age and the facility to switch past and/or future investments between the funds on offer.

As well as contributing to the Scheme, members are provided with Death in Service life insurance, which would pay a tax free lump sum on death of 6 times the member's annual salary. 

More information about the new Scheme, and for information on how to join can be found by visiting http://www.reading.ac.uk/internal/humanresources/WorkingatReading/Pensions/humres-URPS.aspx

David Savage

Director of Finance & Corporate Services