Are you saving for your retirement?

Friday, 04 October 2013

From 1 October 2013 the University is required, by law, to automatically enrol all eligible workers (those earning more than £787 per month and aged between 22 and State Pension Age) into a qualifying Pension Scheme.

For staff on Grades 1-5 this is the University of Reading Pension Scheme (URPS) and for staff on Grade 6 and above this is the Universities Superannuation Scheme (USS). 

In practical terms, this means that all eligible workers who are not currently a member of a pension scheme, will be automatically enrolled at the end of this month and will have an employee pension contribution deducted from their October salary - so for some, this will mean less net pay in October. The University also makes a contribution to an employee's pension, helping you to save for your retirement.

All those who are automatically enrolled will be contacted directly by the relevant pension scheme administrators, in writing, after they have been enrolled at the end of October.

Further information can be found on the HR website. If you have any questions about how this may affect you, please contact the Pensions Office on pensions@reading.ac.uk.