Pension scheme communications

UBPAS updates

• Changes confirmed: 1st Oct 2010
• Proposed changes: 29th Jul 2010

Changes to the University of Bristol Pension and Assurance Scheme (UBPAS) and future pension provision

Update: 1st October 2010

UBPAS changes confirmed

The University has been consulting with trade unions, members and potential members of UBPAS regarding potential changes to the scheme.

The consultation period closed on 28^th September. Taking account of the feedback received and following a post-consultation period meeting with the trade unions, the University has agreed with the Trustees that:

• UBPAS will remain open to existing members
• Members’ benefits will remain unchanged
• Members’ contributions increase from 6.07% to 9% of pensionable salary, with effect from 1^st October 2010
• The University’s contributions from 1^st October 2010 will be 13.1% in respect of future benefits (plus the £5m per annum deficit recovery contributions giving an effective overall University contribution of approximately 27%)
• UBPAS closed to new members with effect from 1^st October 2010

These changes are in line with the proposals set out at the beginning of the consultation period.

We remain absolutely committed to making an appropriate level of pension provision for all our staff and we will be offering a new Defined Contribution Scheme to relevant staff with effect from 1^st October. Details of the scheme will be finalised in due course and we will publicise these as soon as possible.

Our consultation process demonstrated that individuals value the scheme and their current benefits very highly. We are therefore pleased that we have been able to work together to achieve what we believe is an acceptable outcome for all, whilst recognising that the additional contribution costs place a burden on both the University and individuals in what are already difficult times.

All staff affected by these changes will receive a written communication shortly.

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