UCL PensionsExchange scheme to be introduced on 1 May

Links UCL Pension Services Universities Superannuation Scheme (USS) Superannuation Arrangements of the University of London (SAUL) On 1 May, UCL is introducing a PensionsExchange scheme for the benefit of staff that are currently paying in to the USS or SAUL pension schemes. Staff who would not benefit from inclusion will have no changes made to their current pension arrangements. PensionsExchange is voluntary scheme, therefore any member of staff can make a formal request to opt out before 30 April. All eligible UCL employees will then be automatically entered into the scheme from May 2010. PensionsExchange operates by allowing savings in National Insurance contributions and it does this by changing the way that pension contributions are made. Schemes such as this are now widespread and many universities including Oxford, Cambridge, the London School of Economics and Imperial have already successfully implemented similar schemes. If you are a member of the USS or SAUL pension scheme, you will receive a letter from UCL Pension Services and a factsheet outlining the changes.