Joining Imperial’s pension scheme
- What is a pension?
- What is pension Auto Enrolment?
- I have been automatically enrolled into the pension scheme, can I opt out?
- I am a casual worker - am I entitled to join the pension scheme?
- Which pension scheme am I entitled to join?
- What is the difference between the USS Retirement Income Builder and USS Investment Builder schemes?
- I was contributing previously to SAUL/USS at a previous employer – are you keeping my pension together?
- I was in USS at a previous employer, Imperial is offering to put me in SAUL – can I instead re-join USS?
- I was in SAUL at a previous employer, Imperial is offering to put me in USS – can I instead re-join SAUL?
A pension is a special type of savings plan to help you put aside money for later life. For most people it has tax benefits too.
The law requires that all eligible employees and casual workers are enrolled into a pension scheme. Imperial will do this automatically either when your employment commences or at the point you reach certain qualifying criteria - you do not need to take any action.
Yes. You can opt out at any time after enrolment – you just need to either follow the opt out process advised or fill in the opt out form, both available on the auto-enrolment webpage (you can find the link to this webpage below).
For USS & SAUL CARE members
If you opt-out within 3 months of first being enrolled: You will be opted-out from the date you were enrolled and will effectively have never joined the scheme. Any contributions you have paid will be refunded. If this applies to you and you want to opt-out you should complete one of the following forms (depending on which scheme you are in).
If you opt-out after 3 months or more from being enrolled: You must give 28 days’ notice in order to opt-out. Your service in the scheme (and your contributions) will stop on the first day of the month following the end of the 28 days’ notice period (which begins when the Pensions Office receives your opt-out form). For example, if you send your opt-out form on 15 May, your notice period ends on 12 June and you will then be opted-out of the scheme on 1 July.
Important note for SAUL Start members:
If you opt-out within 30 days of first being enrolled: The opt out period for SAUL Start is 30 days from the date when Legal and General (L&G), the scheme administrator, add you to their system. Welcome information sent by L&G to you will outline a clear deadline date for opting out. Contribution refunds will be made to those who opt out within 30 days of joining SAUL Start.
If you opt out after 30 days: You will not receive a refund of contributions you have made if you opt-out after 30 days, however, you will keep your pension pot in SAUL Start until you retire or transfer it out.
If you want to opt-out you should complete one of the following forms (depending on which scheme you are in) You can find all opt out forms and processes available via the auto enrolment webpage, which you can view below.
Pensions auto-enrolment | Administration and support services | Imperial College London.
- The SAUL START opt out form is for new members to submit with their new starter checklist on day one (Option 1)
- SAUL START (The Legal & General link to worksave choice) is for members enrolled for less than 30 days & have been paid (Option 2 - you will need to opt out via the worksave choice link)
- SAUL START (The Legal & General link to worksave choice) is for members who have been enrolled for more than 30 days (Option 3 - you will need to opt out via manage your account)
- SAUL CARE Opt Out Form is for members in the SAUL CARE pension scheme
- USS Opt Out Form is for members in the USS Pension Scheme
Yes. After two months of employment, if you are not already an active member of one of Imperial's pensions schemes, you will be automatically enrolled onto the appropriate pension scheme, providing:
- You earn over £833.00 per month
- You are aged 22 or over and
- You are under the state pension age
- And ordinarily work in the UK.
It may take more than two months for you to meet the qualifying criteria. If you do not wish to contribute you may opt out of the pension scheme at any time after you have been auto-enrolled.
Imperial offers three pension schemes:
- Superannuation Arrangements for the University of London – SAUL
- University Superannuation Scheme – USS
- National Health Service – NHSPS
Your job role and / or grade will determine which pension scheme you are eligible to join.
USS
Eligible for Academic & Research family; Professional, Technical & Operational and Learning grades - Level 4 and above; Teaching grades - Senior Teaching Fellow and above
SAUL
Eligible for Professional, Technical & Operational and learning grades - Level 3b and below; Teaching grades - Teaching Fellow and below
NHS
Eligible for staff who have participated in the scheme in the preceding 12 months.
When you are completing your new employee starter checklist on your first day you must indicate if you have paid contributions to the NHS in the last 12 months. If you tick this box, you will be entered into the NHS pension scheme. Leaving this box blank means you will be entered into USS.
When you become a member of USS you automatically join the USS Retirement Income Builder. In this type of defined benefit pension scheme your benefits are based on each year’s salary throughout the period of membership.
USS also offers a Defined Contribution scheme called Investment Builder. In this scheme benefits are determined by the amount contributed and the performance of the investment.
In the Defined Benefit section of USS you build up your pension via the Retirement Income Builder. In this section you will build up a pension based on 1/75 of your earnings each year, up to a threshold, currently £70,296 pa or £5858 per month.
However, in the Defined Contribution section of USS you build up your pension via the Investment Builder. If you earn over the salary threshold of £70,296 pa, you will automatically join this section as well as the Income Builder section above. Contributions in excess of the threshold go into the investment fund. 6.1% of your contributions above the threshold and 13.9% of employer contributions above the threshold are invested each month you are paid.
Retirement Income Builder
Defined Benefit - Based on each year's salary throughout the period of membership.
Investment Builder
Defined Contribution - Determined by the amount contributed and the performance of the investment.
In addition, all scheme members are entitled to make additional voluntary contributions to the Investment Builder Scheme.
If you start your new job at Imperial within a month of leaving your previous employer (and are entitled to join the same scheme you had at that employer, either USS, SAUL or the NHSPS) you will keep the same record with relevant scheme. All of your benefits will be kept together.
If there is longer than a month’s gap you will get a new record with the pension scheme, and the benefits in relation to your previous employer will be retained in the scheme. The amount of benefits that you receive will not be affected by whether or not you have one or more records with the scheme.
Unfortunately not – you are only eligible to join the scheme appropriate for your role and grade (see our main Pensions webpage for details on which jobs and grades are eligible for each scheme).
Unfortunately not – you are only eligible to join the scheme appropriate for your role and grade (see our main Pensions webpage for details on which jobs and grades are eligible for each scheme).
Your pension contributions
- How much will I contribute to my pension?
- How much does Imperial contribute to my pension?
- Can I make additional contributions to my Imperial pension?
- Is there a limit to how much I can contribute to my pension?
- How can I find out how much my Imperial pension is?
- I would like to stop paying AVCs, how do I do so?
USS
6.1% of your pensionable salary
SAUL
6% of your pensionable salary
NHS
Variable percentage depending upon your salary:
Salary Range |
Percentage of contribution |
Up to £15,431.99 |
5.0% |
£15,432.00 to £21,387.99 |
5.6% |
£21,388.00 to £26,823.99 |
7.1% |
£26,824.00 to £49,472.99 |
9.3% |
£49,473.00 to £70,630.99 |
12.5% |
£70,631.00 to £111,376.99 |
13.5% |
£111,377.00 |
14.5% |
USS
14.5% of pensionable salary
SAUL Care
19% of pensionable salary
SAUL Start
15% of pensionable salary (plus 1% of salary to help cover the costs of running the plan and paying death-in-service benefits)
NHS
14.38% of pensionable salary
Yes. You can choose to make additional contributions, subject to certain restrictions and depending upon the particular scheme that you are a member of.
USS
All USS members have the option to make Additional Voluntary Contributions to the Investment Builder section of the scheme at 1% of pensionable salary, or more.
SAUL Care
In SAUL you may pay more than 6% of your salary and if you do you will get additional pension and tax-free lump sum when you retire. If you want to pay additional contributions you will need to decide how much additional pension you wish to pay for and for how long you want to pay contributions (this may be a single lump-sum), this will then determine how much extra you need to pay each month. There is a calculator on the SAUL website to help you do this. You may change the amount of contributions, or stop paying, at any time before you retire. More information is available on the SAUL website.
SAUL Start
At the moment, only members of SAUL CARE (DB section) are able to buy Additional Pension. This is not currently offered to members of SAUL Start (DC section).
NHS
In the NHS scheme you may increase your retirement benefits in one of two ways:
Additional Pension: with this option you will get additional pension. If you want to pay additional contributions you will need to decide how much additional pension you wish to pay for and for how long you want to pay contributions (this may be a single lump sum), this will then determine how much extra you need to pay each month. There is a calculator on the NHS website to help you do this. You may change the amount of contributions, or stop paying, at any time before you retire. More information is available on the NHSPS website.
Money Purchase Additional Voluntary Contributions (MPAVCs): either to purchase additional pension through the NHSPS, or building up a capital fund in a money purchase facility provided by Prudential or Standard Life. More information on these options is available on the NHSPS website.
There is no limit to how much you contribute to your pension, but HMRC does set limits on the amount which can be contributed to a pension without paying tax.
Please see here for further details.
For most employees these limits will have no effect, however for a small number of individuals they may influence their decision to contribute to a pension scheme.
If you think you may be affected please contact pensions@imperial.ac.uk for more information.
You will receive an annual benefit statement from your pension scheme provider.
The pension schemes also provide on-line tools to help you estimate your future projected pension benefits. These can be found at:
If you are a member of USS and are paying AVCs into the Investment Builder (or using the match) please access MyUSS where you will be able to change your AVC options.
If you are a member of USS and either pay AVCs into the money purchase arrangement with Prudential or to USS in order to secure Additional Service you will need to email the pensions@imperial.ac.uk if you wish to end this arrangement.
If you are a member of SAUL or the NHS Pension Scheme please email the pensions@imperial.ac.uk who will arrange for the cancellation.
Leaving the pension scheme
- If I opt out of the pension scheme will I get my contributions back?
- If I opt out or leave Imperial, what happens to contributions I have already made to a Imperial pension scheme?
- If I opt out can I re-join the pension scheme later?
- I am leaving Imperial and my new employer has offered me the same pension scheme, can I transfer my Imperial pension there?
- Opting out of the Pension scheme
For SAUL Care and USS Members:
If you opt-out within the first 3 months of joining: Yes – you will receive a full refund of the contributions you have paid (but not the Imperial’s contributions), minus any appropriate tax.
If you opt-out after 3 months, but within the first 22 months of joining, and have not contributed via PensionSMART: Yes – you will receive a full refund of the contributions you have paid (but not the Imperial’s contributions) minus any appropriate tax.
If you opt-out after 3 months, but within the first 22 months of joining, and contributed via PensionSMART: No – this is because you will not have paid any contributions yourself (Imperial pays higher contributions and you have a reduced salary). Your benefits will be held in the scheme until you retire or you may choose to transfer them to another pension scheme.
If you opt-out after 22 months of joining: No – whether you used PensionSMART or not, you cannot receive a refund from the pension scheme. Your benefits will be held in the scheme until you retire or you may choose to transfer them to another pension scheme.
For SAUL Start Members:
If you out-out within 30 days of first being enrolled: The opt out period for SAUL Start is 30 days from the date when Legal and General (L&G), the scheme administrator, add a member to their system. Welcome information sent by L&G to new members will outline a clear deadline date for opting out. Contribution refunds will be made to those who opt out within 30 days of joining SAUL Start.
If you opt out after 30 days: Members will not receive a refund of the contributions they have already made but they will keep their pension in SAUL Start until they retire of transfer out.
The pension scheme will write to you setting out your options. You may choose to leave the contributions in the scheme, transfer them to another scheme or in certain circumstances, receive a refund of your contributions.
Yes. You can re-join the scheme appropriate for your job family and grade at any time.
If you change your mind, you will be able to opt back in (please note: this is only possible once in any 12 months period) – You can email the pensions team via pensions@imperial.ac.uk to action this.
You do not need to ‘transfer’ your pension.
If you start your new job within a month of leaving Imperial (and are entitled to join the same scheme you had at Imperial, either USS, SAUL or the NHSPS) you will keep the same record with the relevant scheme. All of your pension records will be kept together.
If there is longer than a month’s gap you will get a new record with the pension scheme, and the pension in relation to service at Imperial will be retained in the scheme. The amount of pension that you receive will not be affected by whether or not you have one or more records with the scheme.
Note for USS Members: If you were getting the match or paying AVCs at Imperial it will not automatically continue. When you have joined your new employer you will need to log into MyUSS and re-elect for the extra contributions you want to pay.
If you are a Imperial employee who is currently contributing to a Imperial pension scheme and wish to opt out/withdraw from the scheme, please follow the guidance to either complete the relevant opt out form and return it to pensions@imperial.ac.uk or follow the link and complete the opt out process as advised below.
If you are a new employee you should return your opt out form to your Departmental Administrator along with all other new starter paperwork. Please note that it is a legal requirement for Imperial to auto-enrol you into the relevant scheme before actioning your opt-out request.
Please refer to your contract of employment to check which scheme you will be auto-enrolled into. NOTE: You cannot opt out of a pension scheme before your start date, or, if you are a casual worker until you have been auto-enrolled into a pension scheme.
- SAUL Start Opt out form - For new members submitting this form with their new starter checklist on day one (Option 1)
- Legal & General (SAUL Start) - This isn't for me - For members enrolled for less than 30 days & have been paid (Option 2 - you will need to opt out via the worksave choice link)
- Legal & General (SAUL Start) - This isn't for me - For members who have been enrolled for more than 30 days (Option 3 - you will need to opt out via manage your account, please note if you opt out after 30 days, you have no refund option)
- SAUL Care Opt out form - SAUL CARE Opt Out Form
- Notice to opt out or withdraw from USS form - USS Opt Out Form
Worksave choice is the enrolment management service for Legal & General - Your welcome communication from Legal & General will confirm your enrolment code, and opt out deadline date. You will need these to complete the opt out process.
Manage your account is your Legal & General online account - Your welcome pack from Legal & General will confirm your customer reference number, which you will need to register and opt out.
Your pension; past, present and future
- I intend to re-join the pension scheme and I previously contributed to one of Imperial's pension schemes, will my benefits be the same?
- I previously contributed to the NHS pension scheme, can I re-join the scheme?
- Can I transfer a previous pension into my Imperial pension?
- How do I nominate a beneficiary for my pension in the event of my death?
- I have changed job role and/or grade at Imperial, I was previously eligible for SAUL and am now eligible for USS – can I stay in SAUL?
- I have changed job role and/or grade at Imperial, I was previously eligible for USS and am now eligible for SAUL – can I stay in USS?
- I need Financial Advice – can anyone in Imperial give me any?
- After Brexit, I may need to leave the UK, what will happen to my pension?
- I want to retire, how do I do so?
- Do I have to contribute towards the scheme for a minimum amount of time in order to get the pension when the time comes (at my Normal Pension Age)?
No. You will re-join the scheme on the current terms, regardless of the terms you previously had.
Yes. If you have contributed to the NHS scheme within the previous 12 months you may continue membership of that scheme.
You must inform us within three months of commencing employment with Imperial that you wish to continue your membership. When you start work you will be asked to complete an “Employee Starter Checklist”: when you complete it make sure you answer Yes to the question in Section G “Have you been a member of the NHS pension scheme within the last 12 months?”
If you have already completed and returned the checklist but didn’t answer Yes to this question, please write to pensions@imperial.ac.uk explaining that you were in the NHS scheme in the last 12 months and want to re-join that scheme.
If we do not receive this confirmation within three months, or you are unable to prove your previous membership, you will be unable to re-join and will be enrolled on the default pension scheme for your job role and/or grade.
USS
Yes, but transfers will only be accepted into the Investment Builder scheme. You should contact USS directly if you wish to transfer a previous arrangement to them by completing the USS Transfer Request form (pdf).
SAUL
No.
NHS
No.
USS
Please log in to MyUSS (the online portal - https://www.uss.co.uk/login ) where you can complete an online form to make the nomination directly to the scheme
SAUL
Please download the SAUL Letter of Intent form (pdf), complete it and email it to pensions@imperial.ac.uk
NHS
Please download the Lump sum on death benefit (DB1) (pdf) and/or Partner Nomination (PN1) (pdf), complete them and email to pensions@imperial.ac.uk
Yes. You may choose to either join USS now that you are eligible for it, or if you prefer remain in SAUL. Please note that if you choose to join USS you cannot choose to switch back to SAUL in the future. Similarly, if you choose to remain in SAUL you cannot later choose to join USS, even if you are promoted in the future.
Yes. You may choose to join SAUL, however, the default position is that you will remain in USS. If you wish to switch to SAUL you must contact pensions@imperial.ac.uk and advise them of your decision. This will be effective from the date you changed job/grade. Once you have made your decision it cannot be reversed or changed at a later date.
Unfortunately, no. Financial Advice can only be given by a qualified individual and the College staff do not have the necessary qualifications. However, Imperial has a short-list of financial advisers who you can approach who are familiar with Imperial’s pension schemes. This can be found here.
Brexit is unlikely to directly affect your Imperial pension.
If you remain in the UK into retirement your pension will be paid as it would have done without Brexit.
Similarly, if you leave the UK (wherever you go to), your Imperial pension will not change. All of our pension schemes currently pay pensions to people around the world and will continue to do so after Brexit.
Also, anyone that leaves the UK may be able to transfer their pension earned in the UK to an overseas pension scheme as long as the new scheme is willing to accept a transfer in and the relevant tax authorities in that country are happy for the transfer to go ahead. The scheme would also need to be registered as a Qualifying Registered Overseas Pensions Scheme (QROPS) to avoid a costly tax penalty.
The process will depend upon how old you are and which pension scheme (or not in one of our schemes at all). You can find out all about your retirement options and the process on our retirement page.
Yes. You need to have been in one of our pension schemes for at least three months in order to receive a pension (time in the same scheme with a previous employer counts towards this too).
If you are only in the scheme for three months you will receive a refund of your contributions to the scheme.
If you are in the scheme for less than two years and did not use PensionSMART (see here for details) you will be able to choose to either take a refund of contributions, keep your pension in the scheme until you are ready to retire, or take a transfer to another pension scheme.
If you are in the scheme for less than two years and did use PensionSMART (see here for details) you will be able to choose to either to keep your pension in the scheme until you are ready to retire, or take a transfer to another pension scheme. You cannot have a refund of contributions.
If you are in the scheme for more than two years you will be able to choose to either to keep your pension in the scheme until you are ready to retire, or take a transfer to another pension scheme. You cannot have a refund of contributions.
Of course, the longer you are in one of our pension schemes the more pension you will have when you retire.
How your pension will work with planned absence
- What happens to my pension when I am on family leave?
- What happens to my pension if I take unpaid sabbatical leave?
Your pension record will be maintained throughout your period of paid family leave (e.g. maternity, adoption, shared parental). When on half pay, Imperial will maintain your contribution at the full rate.
If you take a period of unpaid maternity leave then you will have the option to either pay the pension back on the unpaid period or have it suspended. If you want to consider paying the missed contributions when you return to work, please contact pensions@imperial.ac.uk to discuss it further.Your department may agree to maintain some or all of your contributions during your period of unpaid sabbatical leave.
Please check with your Departmental Operating Manager in the first instance.
PensionSMART
- What is pensionSMART?
- If I contribute via pensionSMART will I be able to request a refund of my contributions?
- If I choose to contribute through pensionSMART will I be able to change my mind?
It is a way of saving for your pension: Instead of having pension contributions taken from your salary you agree to have a reduced salary and Imperial will pay higher contributions to your pension scheme. If you choose to do this, your pension will be the same but you will save on your National Insurance Contributions (because the salary on which they are calculated are lower – Imperial also saves on its National Insurance Contributions too).
As a member of USS or SAUL you are automatically enrolled into PensionSMART but you can opt-out and have pension contributions deducted directly from your salary instead.
If you are in your USS or SAUL CARE for more than three months and participate in PensionSMART, you will not receive a refund of pension contributions when you leave the scheme. If you are a member of SAUL Start, you are only able to receive a refund of contributions if you opt-out within 30 days of joining the scheme.
If you are in your pension scheme for more than three months and participate in PensionSMART, you will not receive a refund of pension contributions when you leave the scheme.
If your contract is for less than two years it may be beneficial for you to opt-out of PensionSMART and have contributions deducted from your salary, so that at the end of your contract you will have the option of a refund of your own pension contributions (these are taxable).
Once you achieve two years (729 days) of pensionable service in Imperial pension scheme you may not receive a refund of contributions whether you use PensionSMART or not.
You can opt-out of PensionSMART initially on joining Imperial, if you have a lifestyle change, or thereafter on the PensionSMART scheme anniversary of 1 December.
If you wish to opt-out please email pensions@imperial.ac.uk who will make the necessary arrangements.
By opting-out of PensionSMART you will remain in the pension scheme but your net take home pay will reduce. This is because you will have to pay higher National Insurance Contributions as your basic salary will be higher (National Insurance Contributions are calculated on salary before deduction of pension contributions).
Leaving your employment at Imperial
- Do I have to tell the pension scheme provider that I have left Imperial?
- Can I transfer my Imperial pension to a new employer?
- What happens if Imperial ends my employment with immediate effect with a “Payment in Lieu” of notice?
No. Your pension scheme provider (SAUL, USS or NHS) will be automatically informed after your final salary payment has been made. The pension scheme will then write to you, usually within three months of your official leaving date, setting out your options.
Yes. Most UK pension schemes will accept transfers from a UK scheme that you previously contributed to, but you should contact your new employer to clarify your options.
If your new employer offers you membership of the pension scheme that you have contributed to whilst employed at Imperial, it should be possible for you to continue making contributions to that scheme.
If a member of staff’s employment is terminated at any time and with immediate effect, Imperial will make a payment in lieu of notice (“Payment in Lieu”). This payment will be equal to the basic salary at the date of termination which the member of staff would have been entitled to receive during the notice period (or, if notice has already been given, during the remainder of the notice period). Payment in lieu will be subject to PAYE tax and NI deductions in the normal manner but it will not be pensionable.
Any contract which is terminated with immediate effect as a result of gross misconduct, breach of contract or right to work status being ceased, will be without pay in lieu of notice.