Pensions
There are currently three pension providers that the University subscribes to:
- Scottish Public Pensions Agency (SPPA)
- Universities Superannuation Scheme (USS)
- Strathclyde Pension Fund (SPF)
The details of each provider along with contributions are as follows:
Scottish Public Pensions Agency (SPPA)
April 2024 – Scottish Public Pension Agency (SPPA) Pension Changes
Public service Pension Schemes including the Teachers' Pension Scheme are subject to regular valuations to set employer contributions. The valuation is a health check on each of the funds. It also sets the level of contributions that employers need to pay into their fund. The valuation has no effect on scheme members, their benefits or their contributions, which are fixed by the regulations, not by the fund. You can read the valuation results here:
2020_Teachers_Valuation_Results_Report_20102023.pdf (pensions.gov.scot)
This report details that there was no change to employer contributions until April 1 2024 where it will then increase from 23% to 26%.
The April 2024 payslips show that the Employer (ERS) contribution has increased compared to the March payslip value. The recent scheme valuation detailed above is the reason for this change. To confirm, employer contributions have no impact on your pension.
If you would like additional information on how your pension benefits are accumulated, you can watch a briefing that People Services arranged here:
Universities Superannuation Scheme (USS)
Strathclyde Pension Fund (SPF)
April 2024 – Strathclyde Pension Fund (SPF) Pension Changes
All Local Government Pension Scheme (LGPS) funds in Scotland are required to complete valuations every three years. SPF completed the latest valuation for the period to March 31, 2023. The valuation is a health check on each of the funds. It also sets the level of contributions that employers need to pay into their fund for the next three years. The valuation has no effect on scheme members, their benefits or their contributions, which are fixed by the regulations, not by the fund. You can read the actuarial valuation here:
Actuarial valuation reports - Strathclyde Pension Fund (spfo.org.uk)
Due to the very strong funding position of the SPF scheme, the fund has decided that the employer contributions should be reduced for tax years 2024-2025 and 2025-2026 to 6.5% and from 2026-2027 it will then increase to 17.5%.
In April 2024 you will notice that the Employer (ERS) contribution reduces from the March value. The above is the reason for this change. As stated above, the employer contributions have no impact on your pension.
If you would like additional information on how your pension benefits are accumulated, you can watch a briefing that People Services arranged here: