Pensions Latest

Consultation on potential changes to UBPAS 

Managers and staff will be aware from previous discussions that the provision of final salary defined benefit pension schemes has been financially challenging for employers leading to many employers closing such schemes to control costs and risks at levels that are sustainable.

The University has continued to face the same financial challenges and these were first presented to members of UBPAS in 2010 and again in 2013. Following no significant improvement in the financial position, it is with considerable regret that the University is having to commence formal consultation on further changes to the University of Bristol Pension and Assurance Scheme (UBPAS). This formal consultation will run from 22nd September 2016 to 23rd November 2016.

Full details of the changes proposed can be found in the Proposed changes to UBPAS (PDF, 718kB). FAQs are also available on this website. A series of open meetings have also been scheduled, and members of UBPAS are encouraged to attend.

The University remains committed to making pension provision available for all staff but is having to balance that commitment with the financial sustainability of the University. We believe that the proposals provide a fair means by which we can reduce and manage the financial risks associated with the scheme and still provide a viable alternative scheme for the future.

UBPAS Presentation 2016 (Office document, 122kB)

Update on changes to USS

 Changes to the additional voluntary contributions (AVCs) and transferring in funds from other pension schemes: Transitional Arrangements AVC (PDF, 240kB)

USS for the Future web pages for all the latest updates on the pension changes: USS for the Future (PDF, 83kB)

Key dates for additional voluntary contributions transferring pensions into USS: USS deadlines for transferring in (PDF, 144kB)