UPS Defined Benefit FAQs
If you have any queries about your pension you can speak to Howden or the Pensions Team and use your National Insurance Number as a reference, which is detailed on your Annual Benefit Statement.
The Defined Benefit scheme is closed to new members.
You pay 5.5% of your pensionable earnings each year.
At your Normal Retirement Date your pension will be calculated in two parts as follows:
a.1/60 x Final Pensionable Earnings x Pensionable Service on or before 31 March 2010 (if any); and
b.1/100 x Final Pensionable Earnings x Pensionable Service on and from 1 April 2010 (if any).
Any pension which you earned prior to 1 April 2010 i.e. ((a) above) is subject to an underpin which means it will not be less than it would have been had you left the DB Section as at 31 March 2010 (i.e. prior to the changes to the definitions of Final Pensionable Earnings and Pensionable Earnings), increased in accordance with statutory requirements during the period between 31 March 2010 and the date on which your benefits are calculated on retirement or death (whichever is earlier).
For more details please see page 10 of the Scheme Booklet.
Final Pensionable Earnings
- For a Member in Pensionable Service on or after 1 April 2010, this is the highest average of your annualised Pensionable Earnings in any period of 36 consecutive months during the 10 years immediately before the date you retire (or leave Pensionable Service or die, if earlier).
- For a Member who left Pensionable Service before 1 April 2010, this is the highest total of your Pensionable Earnings in any period of 12 consecutive months during the last three years immediately before the date you retire (or leave Pensionable Service or die, if earlier).
- In either case a Member's Final Pensionable Earnings may be restricted to the Scheme Earnings Cap. Please see page 5 of the Scheme Booklet for further information.
Pensionable Service: This is the period of continuous service with the University in complete years and months as an Active Member of the Scheme.
The contribution rate is a set percentage.
The UPS DB AVCs are through Prudential. Further information can be found at and provides general information about AVCs. Please note that since the AVC plan would be linked to your defined benefit scheme, not all of the information contained in the guide may apply. Member funds can only be invested in the Cash Accumulation and With Profit Funds, and this guide may be useful. The AVC plan cannot be managed online and the benefits payable from the AVC fund will be subject to the UPS DB Scheme Rules.
If you wish to start making AVC contributions, please complete and sign the application form and return it to pensions@warwick.ac.uk.
- Salary Sacrifice is the method of paying these contributions across to Howden. If you pay your contributions on a Salary Sacrifice basis, the employee contributions are classed as an employer contribution which means that in addition to the normal tax saving you should also benefit from a national insurance saving, and therefore your take-home pay should be higher.
- Non-Salary Sacrifice contributions are classed as employee contributions, and your take-home pay each month will be lower because you will not benefit from any National Insurance Saving.
You can view your pension benefits and savings by logging into your member account. There are a range of calculators and tools available at .
If you do not have an online account, please contact Howden direct on 0333 11 11 222 to register.
You can update your address on your member account at Please also update your address on Success Factors.
No, it is not possible to transfer other pensions into this arrangement.
You will need to complete an Expression of Wish form which will supersede any previous elections. Unfortunately, the Pensions Team are unable to release details of who your previous nominated beneficiaries were.
Alternatively, you can log into your member account and complete an Expression of Wish form which can be found under the 鈥楳y Details鈥� section of your account.
It is important to regularly review this form and update when necessary.
To update your Dependants Form please complete and return to the Pensions Team.
If you go on maternity leave you will pay pension contributions based on the actual pay you receive, whilst the University will pay contributions based on your notional pay. i.e. the salary that would have been paid but for the maternity leave.
If you go on a career break your service will be suspended. If you wish to maintain cover during a period of absence, please contact pensions@warwick.ac.uk so we can check if cover is available from the insurance company.
Please email pensions@warwick.ac.uk with the request and explain it is for divorce purposes. If you have an imminent court date, please confirm this in the email so we can escalate this with the Scheme Administrators.
If the move is on a permanent basis and still within grades 1 to 4 there is no change.
If grade 5 or above, you will be offered a one-off opportunity of remaining in UPS DB or switching to USS. You will not be permitted to re-join UPS DB in the future if you change contracts.
If the new role is a secondment, then you will remain in UPS DB unless the move becomes permanent.
You may wish to use the various retirement illustration/modelling tools that Howden provides under the 鈥楳y Pension鈥� section of your member account. Please be aware of the caveats when using these tools.
Alternatively, you can request a quotation by emailing pensions@warwick.ac.uk with the potential retirement date you would like the quote to be requested for. We normally receive the quotes from the Scheme Administrator within a month of the request.
Members of the scheme from April 2010 automatically build up a tax-free cash lump sum on a 3/80ths basis for each year of pensionable service from this date. You will also have the option to take a higher tax-free cash lump sum, by exchanging pension for cash. The maximum tax-free cash lump sum applicable will be linked to 25% of your pension benefits. The online modeller, or retirement statement will outline this option.
If you withdraw from the scheme you are not permitted to re-join the UPS DB Section in the future. Whilst a non-member you will not be covered for Death in Service Life Cover. If you wanted to re-join a pension scheme you have the option to join the 91影视破解版 Defined Contribution Plan (DCP).
Upon leaving the University and after your last payment from payroll, the Pensions Team will inform the Scheme Administrator that you have left the Scheme. They will write to you about your benefits. Generally your benefits will remain in the Scheme until you claim them on retirement.
Alternatively, you may be able to transfer them to an alternative arrangement. This will be detailed in the correspondence you receive from the Scheme
Upon leaving the University and after your last payment from payroll, the Pensions Team will inform the Scheme Administrator that you have left. They will write to you about your benefits. Generally your benefits will remain in the Scheme until you claim them on retirement. Pensions can be paid to members who live overseas. Alternatively, you may be able to transfer them to an alternative arrangement. Whilst it may be possible to transfer benefits to overseas arrangements, the process is more complex.