THE UCL (FORMER MEDICAL SCHOOLS) PENSION SCHEME
A Guide to the proposed transfer of Active Members to The
Superannuation Arrangements of the University of London
Introduction
The covering letter, dated 30 March 2012, outlines the proposals from University
College London (UCL) for the transfer of the benefits of the active members of The
UCL (Former Medical Schools) Pension Scheme (the Scheme) into the
Superannuation Arrangements of the University of London (SAUL). This Guide
provides further, more detailed information about this proposed transfer, including the
effect it would have on your pension benefits.
Providing now for your retirement is extremely important. Doing so through an
employer-sponsored pension scheme helps you to build financial security for the
future. UCL is committed to providing employees with pension and life assurance
benefits that are of significant value. However, in doing so, it is important that a
sensible plan is in place that allows both UCL and current Scheme members to
provide for pensions in the future in a way which is both affordable and manageable.
UCL has spent a considerable amount of time reviewing the options for the future of
the Scheme, with a view to better managing cost. A transfer into SAUL of the active
members' benefits (if they wish to transfer) is the preferred way forward as this
enables you to continue to enjoy and build up final salary pension benefits and for
both you and UCL to benefit from the efficiencies and economies of scale that the
proposed transfer into SAUL offers. You do not have to transfer if you do not want to
and you can remain a deferred member of the Scheme who will not be transferring to
SAUL. Active consideration is being given to winding it up and securing the benefits
with annuities with an insurance company (although no final decision has been
made).
This Guide takes you through the proposed changes announced in relation to
the transfer of benefits to SAUL, and for future benefit accrual. Please read it
carefully to ensure that you understand fully the proposals being made.
Inside you will find
What you need to do
About this Guide
Step 1 – The proposed transfer in brief
Step 2 – Your pension in SAUL
Step 3 – A comparison of the Scheme and SAUL benefits
Step 4 – What are my options?
Step 5 – What happens next?
Frequently asked questions
Page
2
2
3
5
6
13
14
15
This Guide gives a summary of benefits currently provided under the Scheme and
SAUL, which are both governed by a formal Trust Deed and Rules. Should the
benefits set out in this Guide or any other Scheme or SAUL booklet be inconsistent
with the relevant scheme’s Trust Deed and Rules, the Trust Deed and Rules will
prevail.
1
What you need to do
Read this Guide and the enclosed SAUL booklet carefully.
Make a note of any questions and anything that needs clarifying.
Attend a presentation – you will receive details shortly.
Feed back any comments or queries to UCL as part of the consultation process before
28 May 2012.
Look out for any answers to frequently asked questions and any other information that
may be published during the consultation period.
Look out for an announcement from UCL at the end of the consultation period regarding
its decision. If the proposal goes ahead, you will be asked to complete an application
form to join SAUL from 30 June 2012.
About this Guide
In putting together the information contained in this Guide, we have tried to structure
it in a way which:
helps you to understand how your pension benefits are calculated and the
pension provision that is proposed for the future;
allows you to locate and refer back to the issues which are of most interest to
you; and
in general terms, helps you to understand the effect of the transfer on the
benefits you have earned to date.
It may help if you think of this as a series of steps, each of which is set out on the
following pages:
Step 1 – The proposed transfer in brief
Firstly, we summarise the changes proposed by UCL, as broadly set out in the
enclosed covering letter (page 3).
Step 2 – Your pension in SAUL
Then, we explain in more detail the terms which would apply to you under SAUL
(page 4).
Step 3 – A comparison of the Scheme and SAUL benefits
We then set out the key Scheme and SAUL benefits side by side so you can see how
they compare (pages 6-12).
Step 4 – What are my options?
In this section we set out the options you would have if the transfer goes ahead. This
includes an option in relation to your future benefits and those already earned in the
Scheme (page 13).
Step 5 – What happens next?
Finally, we set out what you need to do now and what you can expect to happen next
(page 14).
By following these five steps, you will be able to understand how UCL’s proposals
apply to you both in terms of the pension benefits you have built up to date and the
pension benefits you can choose to build in the future.
2
Step 1 – The proposed transfer in brief
This is a summary of what UCL proposes will happen.
Transfer into SAUL
Assets corresponding to the benefits accrued in respect of the active
members of the Scheme who consent to a transfer to SAUL will be
transferred into SAUL.
The financial obligations relating to the benefits of the active members who
choose to transfer will be transferred to SAUL.
You will not be able to earn future service benefits in the Scheme.
Your Scheme benefits
You will stop building up further pension benefits in the Scheme with effect
from 30 June 2012.
The pension benefits you have built up in the Scheme up to 30 June 2012 will
be transferred to SAUL if you agree to this.
If you decide to transfer, the benefits that you have earned up until 30 June
2012 will be converted to the current SAUL benefit basis. The main change to
the structure of your benefits is that in SAUL you will be provided with a
pension, based upon 1/80th of final salary for each year of service, and a
separate additional tax-free lump sum at retirement, which is the standard
form of benefits offered by SAUL. The existing Scheme provides a pension
based on 1/60th of final salary for each year of service, and the choice of
converting part of that pension to a lump sum. The Scheme Trustee will
ensure that the overall value of your benefits earned up until 30 June 2012,
as assessed by the Scheme Actuary, will remain the same upon transfer into
SAUL.
Your future service pension
From 30 June 2012, you will be invited to join SAUL for your future service
pension benefits. This will provide you with the opportunity to continue to
benefit from:
A pension based on your service (both as a member of the Scheme
and of SAUL) and final salary;
A significant UCL contribution towards your pension;
Valuable benefits payable in the event of your death;
In the event that you are made redundant beyond age 55, no actuarial
adjustment will be made in respect of early payment of pension;
The opportunity to pay extra contributions to provide more benefits for
you and your family when you retire;
A pension all of which in excess of GMP, is increased annually in line
with the Consumer Prices Index (compared with the Scheme, where
RPI increases are only applicable to pension attributable relating to
service after 5 April 1997).
If you consent to join SAUL for future service, you will be consenting to the transfer to
SAUL and conversion of your past service Scheme benefits to the SAUL basis and to
those benefits remaining linked to your final salary. You will not be able to join SAUL
for future service at the time of the transfer if you do not consent to the transfer of
your past service benefits unless this is UCL’s eligible pension scheme for your
salary grade.
3
If you do not consent to join SAUL for future service, your benefits will be treated as
deferred benefits in the Scheme, and no further accrual of benefits beyond 30 June
2012 will be possible. Your Scheme benefits will continue to be managed by the
Trustee whilst the feasibility of them being bought out with insurance company
annuities as a part of a Scheme winding-up is considered. Beyond 30 June 2012,
you will have the opportunity of joining the relevant pension scheme for your salary
grade, although this may not be on a ‘final salary’ basis, subject to the relevant
scheme rules for staff joining after an initial eligibility period.
4
Step 2 – Your pension in SAUL
The pension that you will earn in SAUL will be linked to your final salary. You will find
enclosed with this pack a separate schedule detailing the benefits you have earned
in the Scheme and the service credit you would be offered in SAUL, if the transfer to
SAUL’s benefit basis were to go ahead.
Full details of the benefits payable under SAUL are shown in the booklet which is
attached.
If you choose not to join SAUL, the benefits that you have already earned in the
Scheme will remain in the Scheme and will be treated as deferred benefits,
subject to UCL reaching a decision regarding whether the Scheme will be
wound up. Your benefits will be based on your pensionable service and
pensionable salary at 30 June 2012.
Proposed changes to SAUL
A consultation is currently underway in relation to benefits under SAUL which may
result in new joiners from 1 July 2012 accruing pensionable benefit on a career
average defined benefit basis (CARE). However, if you join SAUL at 30 June 2012
under UCL's current proposal set out above, you would join as a member of SAUL’s
final salary section, and so continue to accrue benefits linked to your final salary.
Of course, changes to future service benefits in SAUL could be proposed in future,
affecting both existing and future joiners, in the same way as in the Scheme,
although UCL is not aware of any such proposals at present.
5
Step 3 – A comparison of the Scheme and SAUL benefits
The table below compares the key features of the benefits that are currently provided
for you in the Scheme and the benefits that are being offered under SAUL. Note that
this is intended only as a guide, to help you compare the schemes - the benefits
available under each arrangement will ultimately be those defined in the schemes’
formal documentation.
Scheme
SAUL
Member
6% of Salary.
6% of Salary.
contributions
Salary exchange not offered.
Salary exchange offered.
Member contributions cease upon
attainment of 40 years' Pensionable
Service.
Normal Pension
Age (NPA)
Normal
retirement
pension
Age 65.
Tax-free cash
sum
Pension may be commuted into a
lump sum of an amount that does
not exceed the permitted
maximum for the purposes of the
Finance Act 2004. The pension
will be reduced accordingly.
Pension of 1/60th (up to a
maximum of 40/60ths) of
Pensionable Remuneration for
each year of Pensionable Service
(completed in years).
The last day of the month before your
65th birthday.
Pension of 1/80th of Pensionable
Salary for each year of Pensionable
Service (measured in years and
days).
A lump sum (in addition to the
pension) equal to three times the
annual pension.
Option to increase lump sum to the
permitted maximum, with appropriate
reduction to the pension.
Option to exchange cash sum for
additional pension.
Pensionable
Remuneration /
Salary
Pensionable Remuneration is the
Member's highest annual Salary
in one of the last three years
before ceasing to be an active
member.
Pensionable Salary is the greater of:
a) your highest Salary paid over any
one of the three years before you
retire (or leave or die); or
b) the highest yearly average of your
Salary in any group of three years
during the 10 years before you retire
(or leave or die).
6
Scheme
Salary is the total annual fixed
salary or wages payable to a
Member excluding bonuses,
overtime and commissions but
including the valuation of board
and/or lodgings under a scale for
the time being approved by the
Trustee. The Trustees and
Employer have discretion to
include fluctuating emoluments.
SAUL
Your Salary is the ordinary pay you
receive from your employer (including
permanent allowances, shift payments
and fixed benefits but not including oneoff payments such as overtime or
bonuses).
Pensionable
Service
The total period of service which a
member may count for pension
purposes and which shall not
exceed 40 years.
Spouse/civil
partner
A spouse means your widow or
widower or civil partner at the time
you die. A civil partner means your
civil partner within the meaning of
the Civil Partnership Act at the time
you die.
The length of time (measured in years
and days) as a contributing member
of SAUL plus the service credit
granted in respect of pensionable
service allowed in the scheme rules.
A spouse means your husband or wife
at the time you die. A civil partner
means your civil partner within the
meaning of the Civil Partnership Act at
the time you die.
Child
The definition of children who are
eligible for benefits includes:
The definition of children who are
eligible for benefits includes:
i) your natural or adopted children;
and
i) your natural or adopted children;
and
ii) at the Trustee's discretion, any
other children including foster
children or step children.
ii) any other child who, in the
Trustee’s opinion is your dependant.
With agreement from UCL.
No reduction for retirement on or after
age 60.
Salary
Early retirement
from service
No reduction for retirement on or
after age 60.
Where early retirement is before
age 60, pension is reduced.
Where early retirement is before age
60, pension is reduced except if you
are made redundant and have at least
five years’ Pensionable Service.
7
Ill-health early
retirement
Scheme
An enhanced pension of 1/60th
Pensionable Remuneration
(calculated for each year of
Pensionable Service you could
have built up if you had been able
to remain in service up to age 65,
to a maximum of 40 years. If you
have already built up 40 years,
your pension will be based on
actual Pensionable Service).
Pension may be commuted into a
lump sum of an amount that does
not exceed the permitted
maximum for the purposes of the
Finance Act 2004. The pension
will be reduced accordingly.
SAUL
An enhanced pension of 1/80th of
Pensionable Salary (calculated for
each year of Pensionable Service you
could have built up if you had been
able to remain in service up to age 65,
to a maximum of 40 years. If you
have already built up 40 years, your
pension will be based on actual
Pensionable Service).
A tax-free lump sum equal to three
times pension.
You must have completed at least two
years’ Pensionable Service and your
employer and the Trustee must be
satisfied you have become incapable
of carrying out your duties because of
permanent ill health or incapacity.
The Trustee may monitor your health
after you have retired and can cancel,
suspend or reduce your pension until
age 65 if:
i) your health improves;
ii) you take up paid work; or
iii) you refuse a medical examination
If you have less than two years’
Pensionable Service but meet the
other conditions above, you could
leave service and apply for ill-health
retirement as a preserved member
(see below).
Very serious illhealth
retirement
If UCL agrees you are very seriously
ill, with a life expectancy of less than
one year, you might be able to take
all of your benefits in a lump sum.
If your employer and the Trustee are
satisfied that you are very seriously ill,
with a life expectancy of less than one
year, you might be able to take all of
your benefits in a lump sum.
If you have at least two years’
Pensionable Service, your benefits
under ill-health retirement (above) will
be converted into a lump sum.
If you have less than two years’
Pensionable Service, your benefits
will be based on your actual
Pensionable Service only (which
means your Pensionable Service will
not be enhanced to age 65).
8
Death in service
Scheme
A lump sum of four times
Pensionable Remuneration, plus
refund of contributions payable with
interest where you die as a
contributing member (or have
stopped contributing having built up
40 years' Pensionable Service).
SAUL
A lump sum of four times Salary, plus
refund of contributions payable with
interest where you die whilst a
contributing member (or have stopped
contributing having built up 40 years’
Pensionable Service).
A spouse's pension of 1/120th of
Pensionable Remuneration for each
year of Pensionable Service to NPA.
A spouse's or civil partner’s pension
of 2/3rds of your pension based on
potential years and days of
Pensionable Service to age 65 (to a
maximum of 40 years).
If you do not have a spouse it may
be possible for the Trustee to pay a
pension to one or more adults who
are financially dependent on you.
If you do not have a legal spouse or
civil partner, or you are living apart, it
may be possible for the Trustee to pay
a pension to one or more adults who
are financially dependent on you.
If your spouse, civil partner or adult
dependant is more than 10 years
younger than you, his or her
pension may be reduced.
If your spouse, civil partner or adult
dependant is more than 15 years
younger than you, his or her SAUL
pension will be reduced.
Children’s allowances are also
payable, as follows:
Children’s allowances are also
payable, as follows:
If you are survived by one or more
children, each child (up to a
maximum of two children) is
entitled to a pension of half of the
pension that would be payable to
the spouse (or, where there is no
spouse, 2/3rds of the pension that
would be payable to the spouse).
If a spouse’s/civil partner’s or other
adult dependant’s pension is payable,
then:
Children’s allowances are payable
for children who are:
i) under age 16; or
ii) between 16 and 23 and in full
time education or attending a fulltime course of training approved by
the Trustee.
iii) over 16 and dependent on the
member because of physical or
mental impairment.
i) one eligible child is entitled to an
allowance equivalent to half of the
spouse’s pension; or
ii) two or more eligible children are
each entitled to an allowance. The
total allowance paid to two or more
children will equal the value of the
spouse’s pension.
If a spouse’s/civil partner’s or other
adult dependant’s pension is not
payable, then:
i) one eligible child is entitled to the
equivalent of two-thirds of a spouse’s
pension; or
ii) two or more children are each
entitled to an allowance. The total
allowance paid to two or more
children will equal the value of one
and one-third of the spouse’s pension.
9
Scheme
SAUL
Children’s allowances are payable for
children who are:
i) under age 18; or
ii) between 18 and 23 and in full time
education or attending a full-time
course of training approved by the
Trustee; or
iii) over 18 and permanently unable to
be financially self-supporting due to a
disability.
Death after
retirement
Lump sum based on any remaining
instalments of pension which
would have been paid had the
member survived for five years
(ignoring pension increases which
take effect after the date of death).
Lump sum based on any remaining
instalments of pension which would
have been paid had the member
survived for five years (ignoring
pension increases which take effect
after the date of death).
If a spouse's pension is payable,
the lump sum is halved.
Spouse's/civil partner’s pension of
2/3rds of your pension, ignoring any
reduction in pension for extra tax-free
cash you might have taken and any
exchange of lump sum for increased
pension unless specifically chosen by
you to be included.
Spouse's pension of 2/3rds of
member's pension at the date of
death, ignoring any reduction in
pension for tax-free cash you might
have taken.
Pension
increases
If you do not have a legal spouse it
may be possible for the Trustee to
pay a pension to one or more adults
who are financially dependent on
you.
If you do not have a legal spouse or
civil partner, or you are living apart, it
may be possible for the Trustee to pay
a pension to one or more adults who
are financially dependent on you.
If your spouse is more than 10 years
younger than you, his or her pension
may be reduced.
If your spouse, civil partner or adult
dependant is more than 15 years
younger than you, his or her SAUL
pension will be reduced.
Children's pensions are also payable
(as detailed above).
Children’s allowances are also payable
(as detailed above).
For pension in respect of service
prior to 6 April 1997 – no increase.
For pension in respect of post-5 April
1997 service - increases in line with
the increase in the retail prices
index.
The exception to this is any GMP
accrued between 5 April 1988 and 6
April 1997, where increases are at
the lesser of 3% or the increase in
CPI.
Linked to inflation as determined by
statute (currently CPI) for all pension
in excess of GMP.
10
Late retirement
Scheme
Pension payable at NPA increased
to actual retirement by such amount
as Trustee decides is appropriate
(having taken the actuary's advice).
SAUL
With agreement of UCL.
Pension payable at 65 (or such later
date as contributions to SAUL cease)
increased to actual retirement by such
amount as Trustee decides is
appropriate (having taken the
actuary's advice).
If you continue to pay contributions,
you will continue to earn additional
Pensionable Service (although the
agreement of UCL is required where
you have completed 40 years’
Pensionable Service).
Benefits on
leaving
(preserved
benefits)
For Pensionable Service before 21
November 2006, revalued at 3% per
annum compound or, if greater, the
discretionary rate of increase
awarded to pensions in payment
(subject to statutory requirements).
Revalued between the date of leaving
and the date of retirement in
accordance with legislation.
For Pensionable Service on or after
21 November 2006, revalued until
the date of retirement in accordance
with legislation.
Early payment
of preserved
benefits
With agreement from the Trustee.
Automatic at your request.
Reduced to take account of early
payment by amount decided by
Trustee on actuarial advice.
No reduction where taken on or after
age 60. Where taken between ages
55 and 60, reduced by amount
decided by Trustee on actuarial
advice.
Early payment
of preserved
benefits due to
ill-health
With agreement from the Trustee.
If you are a preserved member who
has become permanently incapable of
doing a job similar to the one you
were doing when last working for a
SAUL employer, you can apply to the
Trustee to have your benefits paid
early from any age. Your benefits will
not be reduced or enhanced.
Reduced to take account of early
payment by amount decided by
Trustee on actuarial advice.
The Trustee may monitor your health
after you have retired and can cancel,
suspend or reduce your pension until
age 65 if:
i) your health improves;
ii) you take up paid work; or
iii) you refuse a medical examination.
11
Early payment
of preserved
benefits due to
very serious illhealth
Late payment of
preserved
benefit
Death of
preserved
benefit member
Scheme
If UCL agrees you are very seriously
ill, with a life expectancy of less than
one year, you might be able to take
all of your benefits in a lump sum.
SAUL
If you are very seriously ill, with a life
expectancy of less than one year, you
might be able to take all your benefits
in a lump sum.
Trustee may, at your request, allow
you to postpone taking your
preserved benefits, which will be
increased by the Trustee on
actuarial advice.
Trustee may, at your request, allow
you to postpone taking your preserved
benefits, which will be increased by
the Trustee on actuarial advice.
If you die and a spouse's pension is
not payable, a lump sum equal to
five and a half times the amount of
the annual pension you would have
received if you had retired on the day
you died.
A lump sum equal to the greater of:
i) your contributions, plus interest; or
ii) the basic lump sum of three times
your preserved pension at your date
of leaving increased to date of death.
A spouse's pension equal to 2/3rds
of the annual pension you would
have received if you had retired on
the day you died.
If you do not have a legal spouse it
may be possible for the Trustee to
pay a pension to one or more adults
who are financially dependent on
you.
If your spouse is more than 10 years
younger than you, his or her pension
may be reduced.
Children's pensions are also payable
(as detailed above).
A spouse’s or civil partner’s pension
equal to 2/3rds of your preserved
pension at date of leaving, increased
to the date of death.
If you do not have a legal spouse or
civil partner, or you are living apart, it
may be possible for the Trustee to pay
a pension to one or more adults who
are financially dependent on you.
If your spouse, civil partner or adult
dependant is more than 15 years
younger than you, his or her SAUL
pension will be reduced.
Children’s allowances are also
payable (as detailed above).
12
Step 4 – What are my options?
A decision on whether the transfer is to go ahead will be made at the end of the
consultation process on 29 May 2012. If the transfer goes ahead, you will be offered
membership of SAUL for the provision of your future pension benefits. It is proposed
that this would happen with effect from 30 June 2012.
You will then be asked to make a decision about your future benefits. Your options
are:
To agree to join SAUL for future benefits. You will be asked to complete an
application form as well as a Letter of Intent which will tell the SAUL Trustees
who you would like to receive any lump sum benefits payable on your death.
If you consent to joining SAUL for future service, you will also be consenting
to the conversion of your Scheme benefits to the SAUL basis and for these
benefits remaining linked to your final salary.
Not to join SAUL for future benefits. If you decide not to join SAUL for
future pension benefits, the benefits that you have already earned in the
Scheme will remain in the Scheme subject to UCL reaching a decision
regarding whether the Scheme will be wound up. If the Scheme is wound
up, your benefits will be based on your pensionable service and pensionable
salary as at 30 June 2012 and will be bought out by the purchase of an
insurance company annuity along with the benefits for pensioners' and
deferred members' benefits.
13
Step 5 – What happens next?
The issue of this Guide and covering letter of 30 March 2012 marks the start of the
consultation period on UCL’s proposals. This will run for 60 days. During this time,
you can feed back your queries and comments on UCL’s proposals to UCL, by
communicating directly with Fenella Needham, UCL Pensions Manager, Gower
Street, London WC1E 6BT (e-mail: f.needham@ucl.ac.uk) or if you wish, via one of
UCL’s recognised trade unions, as follows:
UNISON:
UNITE:
UCU:
Bill Lehm – w.lehm@ucl.ac.uk
Colin Skeete – c.skeete@ucl.ac.uk
Tamsin Piper – t.piper@ucl.ac.uk
Sean Wallis – s.wallis@ucl.ac.uk
The purpose of this consultation is for you to be able to express your opinion about
the proposed changes. UCL will then take its decision and respond formally to your
views.
There are a number of other ways you can get more information about UCL’s
proposals.

UCL will be holding a presentation about the proposals on Wednesday 18 April
2012. Details of this meeting are provided in a separate notification
accompanying this document. Please make a note of any questions that you
have after reading this Guide and bring them along to the meeting.

You have 60 days from the start of the consultation process (see above) to
submit comments, queries or counter proposals to UCL either directly or via one
of the recognised trades unions (see above).
Updates on the consultation process, including any frequently asked questions, can
be found on UCL’s web pages at: http://www.ucl.ac.uk/hr/pensions/scheme_ufms/
UCL has arranged for you to take advice from an independent financial adviser (Gary
O’Neil of Austin Chapel Independent Financial Advisers LLP) if you wish to do so.
This is not compulsory but we would urge you to take advantage of this so that you
have the opportunity to consider the implications of UCL’s proposals for you
personally. The cost of one session with the adviser will be met by UCL.
UCL will consider the issues raised during consultation before making a final decision
on the changes that will be made. UCL’s proposal is that the transfer into SAUL will
take effect from 30 June 2012 if you decide that you want to transfer to SAUL, and
that all your pension benefits will be provided by SAUL from that date.
14
Frequently asked questions
We set out below some frequently asked questions that may help you understand the
proposed changes a bit better.
Is everyone affected in the same way?
All current active members of the Scheme are affected in the same way, irrespective
of where they work and how senior they are.
Why is this happening?
The Scheme closed to new members in August 1987, and now has only 7 active
members. By transferring to SAUL, the Scheme’s active members would become
part of a large, sophisticated fund and UCL can save on the time, administration and
expense involved in providing an important benefit for members and their
dependants.
How do I know that my interests are safeguarded?
UCL has carefully considered a range of options as part of its review of the future of
the Scheme. UCL has discussed its proposals with the Scheme Trustee which has
taken independent professional advice on UCL’s proposal and the way in which it
has been communicated to you in order to ensure that you are able to make an
informed decision on whether to transfer your benefits to SAUL or not. In particular,
the Trustee has asked UCL to provide you with Independent Financial Advice in
order to help you make your decision which UCL has agreed to provide.
Why has SAUL been chosen as the home for all benefits?
SAUL is a large well-run pension scheme and UCL already participates in SAUL to
provide pension benefits for many of its employees.
Are any assets being paid back to UCL?
No. All of the assets will be held under trust and UCL will not have any assets repaid
to it.
When will the transfer happen?
The transfer is proposed to occur on 30 June 2012.
Should I think about joining SAUL even if I am close to retirement?
We cannot advise individual members whether or not to join; however, there is no
minimum membership period. If you choose not to become a SAUL member by
transferring your Scheme benefits into SAUL, you will be eligible to join the USS,
assuming this scheme is appropriate to your salary grade, and your Scheme benefits
will be treated as preserved benefits. Alternatively, you may apply to join SAUL if
SAUL is appropriate for your salary grade and you meet the eligibility conditions
available to employees who have not joined SAUL at their first opportunity. In
addition, assuming the current changes being proposed for SAUL take place, you will
only be able to join SAUL on the revised career average earnings basis, rather than
on the current final salary basis. You may not join at the time of the transfer other
than on the basis described in this announcement.
Where can I get more information about SAUL?
There is a lot of information about SAUL on their dedicated website, www.saul.org.uk
and in the enclosed booklet.
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Where can I get independent financial advice?
UCL has agreed to provide you with some advice from an independent financial
adviser (IFA) at its cost.
If you wish you can seek advice from your own IFA or find your own IFA by visiting
the IFA Promotion website www.unbiased.co.uk. Please note that if you wish to use
your own IFA to obtain advice your IFA may charge you for any advice given and
UCL will not meet this cost.
What is the timetable now? What do I have to do?
Consultation commences with the issue of this Guide and covering letter dated 30
March 2012 and will continue for 60 days. If you have any views or comments that
you would like to be heard as part of the consultation process, please contact UCL
direct or one of the recognised unions (see Page 13 above). You should also look out
for your invitation to a presentation about the proposals to be held on 18 April 2012.
30 March 2012
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