UBPAS

• UBPAS in Summary
• UBPAS in Detail
• UBPAS News
• Jargon Buster
• UBPAS Forms
• UBPAS Reports
• The Small Print Bit
• Useful Links
• Trustees

UBPAS in Summary

General information

With effect from 1 October 2010, UBPAS is closed to new members.

UBPAS remains open to existing members and members' benefits remain unchanged.

UBPAS is approved by the Inland Revenue and is contracted-out of the State Second Pension (S2P).

Key features of UBPAS are as follows:

Contributions

Normal Contributions: Your contribution is 9.0% of your pensionable salary (usually basic salary).  The University pays a variable amount (presently 13.1% of the total of members' pensionable salaries) to UBPAS in order to fund the balance of the cost of the benefits.

Additional Voluntary Contributions (AVCs): You may increase your retirement benefits by paying AVCs. The options available are:

• purchasing additional pensionable service in UBPAS, thus boosting your UBPAS benefits;

• building up a capital sum in a "money purchase" facility provided by Prudential Assurance Company Limited;

• building up a capital sum in a "Free Standing AVC" facility with the provider of your choice.

The most you can pay into UBPAS, including your normal contributions, is 21.07% of your earnings in any tax year.  You are able to pay up to the balance of 100% of your pensionable salary into the scheme’s or another Free Standing own money purchase AVC facility.  Important: Your contributions to UBPAS qualify for tax relief at your highest marginal rate.  The relief is given at source through the payroll.  Contributions paid to a Free Standing AVC arrangement are not usually deducted through Payroll, so do not attract tax relief at source.  Your Free Standing AVC provider can tell you more about how you obtain tax relief on these contributions.

(Back to top)

---

Benefits

The principal benefits are:

• A pension, payable at retirement at the rate of 1/80 x pensionable salary for each year of pensionable service, together with
• A tax free cash lump sum of three times that pension.

Other benefits are:

• Early retirement on the grounds of ill health,  members who have completed at least 2 years of Scheme Service may be able to retire on Partial Incapacity grounds, where they will become entitled to an immediate pension and cash lump sum calculated on their current salary and pensionable service to the date of leaving.  Members with 5 or more completed years of Scheme Service may be able to retire under Total Incapacity grounds, entitling them to an immediate pension and cash lump sum calculated on their current salary and prospective pensionable service to normal retirement date, providing they can satisfy the Trustees that due to ill health they are permanently incapable of continuing in their present (or any other gainful and suitable) employment.

• A death-in-service cash lump sum,  equal to two years' salary if a dependant’s pension is payable, (four years’ salary if no dependant’s pension is payable), plus a further sum equal to the total contributions you paid to UBPAS.  This will be paid to a person or persons chosen at the discretion of the Trustees of the Scheme.  The Trustees will take into consideration persons previously nominated by the member.  You may nominate your beneficiaries on the Expression of Wish form, which is available on this web site or from the Pensions Office.  Important: If your circumstances change, please remember to update your nomination by completing a new form.

• A Dependant's pension,  payable upon death to a surviving widow/widower or other dependant at the rate of either:

• on death in service, two thirds of the pension that would have been payable had the member stayed in UBPAS until Normal Retirement Date;
• on death of a preserved pensioner before retirement, two thirds of the preserved pension; or
• on death in retirement, two thirds of the pension in payment.

• On death-in-service, up to two Child Pensions, payable on behalf of any of the member's children under the age of eighteen or remaining in full-time education at the date of death.  The amount payable to each child depends on the number of children who are eligible and whether or not a dependant's pension is also being paid.

Note:

• All pensions are increased annually in accordance with the Pensions (Increase) Act 1971.
• Nothing stated in this summary can override the Rules of the Scheme.

Further sources of information

• Explanatory Booklet: All members of UBPAS are sent an Explanatory Booklet, which provides a more detailed explanation of the scheme.
• The Pensions Office: Senate House, Tyndall Avenue, Bristol BS8 1TH
• The Scheme Secretary of UBPAS:  Initial addressee for all enquiries to UBPAS Trustees is the Scheme Secretary, address as the Pensions Office.
• Trustees of UBPAS.

(Back to top)