Pensions

Membership of an occupational pension scheme is an excellent benefit of working for University of Stirling. As a member of staff, both you and the University pay into it and you will receive the benefits on your retirement.

The Universities Superannuation Scheme (USS) is the main national superannuation scheme in the HE Sector. It is open to all staff. Members of staff are automatically entered into the scheme when employment commences.  You can opt out.

The USS pension scheme is available, after 3 months service, through salary sacrifice arrangements (Pension Smart) to enable staff and the University to save on national insurance contributions.

Existing members of pension scheme

Universities Superannuation Scheme

From 1st April 2016 all existing members transferred to USS Retirement Income Builder CRB. 

Final salary section of the scheme closed at 31st March 2016 to all members. 

Career revalued benefits section (CRB) has a revalued benefit, worked out at the end of each year and added to any previous benefits built up in the scheme. This section applies to staff that joined on or after 1st October 2011.

University of Stirling Pension Scheme (Closed)

This scheme has now closed (at 31st July 2013) and all members have been transferred across to USS.

The present scheme administrators are XPS Pensions Group.

Email: stirling@xpsgroup.com

Address : USPS, XPS Administration, 1st Floor Flax House, 83-91 Adelaide Street, Belfast, BT2 8FF

Telephone : +44 (0)28 9032 8282

Click on the following links to view the

Statement of Investment Principles

USPS Implementation Statement 2020

Joining the pension scheme

New Entrants will join the USS Retirement Income Builder which will provide defined benefit pensions on a Career Revalued Benefits (CRB) basis of the USS scheme.  Benefits are worked out at the end of each year and will include any previous benefits built up in the scheme.

 From 1 October 2016 there are two sections to USS that work alongside one another;

1.       USS retirement income builder

  • all members will earn benefits in this section.

2.       USS investment builder

  • members earning over the salary threshold of £59,883.65 – (the salary threshold for 2021/2022), will join automatically. 
  • all members can opt to make contributions to the investment builder to enhance retirement savings.
  • Members can make contribution and investment selections via MyUSS

To register for MyUSS members require their membership number, their NI number and an email address.  If you have not received your membership number please contact payroll@stir.ac.uk.

Pension contribution rates

The current member and employer contributions rates to USS are shown below

effective date   MemberEmployer
1 October 2019 9.6% 21.1%
1 October 2021 9.8% 21.4%

For contributions made on salary above the salary thershold, only the first 8% of member contributions and 12% of employer contributions will be paid into your Investment Bulder.

 

Leaving a scheme

If you leave the University or decide to leave the pension scheme you will stop paying contributions. Contributions you have made can either be paid back to you (subject to conditions), held as deferred benefits in the scheme until you retire or moved to another scheme depending on how long you have been a member. 

You should contact USS directly for more information on any of these options.