The University of Manchester Pension Saver opens on 1 January 2019

17 Dec 2018

Our new pension scheme for all new employees in grades 1-5 and existing colleagues who have previously chosen not to join UMSS

Our new pension scheme, The University of Manchester Pension Saver (Pension Saver), will commence from 1 January.

All new employees in grades 1-5 and existing colleagues who have previously chosen not to join UMSS may join the Pension Saver, which is provided by Legal and General. 

It is a Defined Contribution (DC) arrangement and new staff will be enrolled with a starting personal contribution rate of 4% with the University making a 13.5% contribution into their Pension Saver account.   Colleagues who are employed on 31 December 2018 but who have not joined UMSS will be enrolled into the Pension Saver on 1 January 2019 – they will not be required to make a personal contribution from their pay and will receive 9.5% in employer contributions into their Pension Saver account. The Pensions Office will be contacting eligible colleagues to confirm their enrolment into Pension Saver.

Members of the Pension Saver will be able to choose how much they are able to contribute from 0% to 7% or more of pay and the University will contribute between 9.5% and 16.5% of pay, dependent on the level of member contribution.

Following feedback from the consultation process, members of the Pension Saver will also have death in service cover and an income continuance arrangement in the event of total incapacity.

A new website is in development which will be available in January, but any colleagues who have questions in the meantime should contact the Pensions Office.