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Maximizing Benefits: Introducing PensionPlus at LSE

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22 diapositives · 330 Views · Sep 20, 2014

Explore PensionPlus, a tax-efficient pension scheme where contributions are paid to USS, reducing NIC costs for employees and the School. Learn its benefits, eligibility, and how it works compared to the existing arrangement. Discover why LSE is introducing PensionPlus and how it benefits both employees and the institution. Find out more about PensionPlus participation, details, and opt-out possibilities. Get insights into similar schemes at other institutions and consult the presentation to make an informed decision.

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  1. PensionPlusUSS Presentation By Jenny Casey & Ben Hancock Pensions Payroll

  2. PensionPlus • What is PensionPlus? • Why is LSE introducing PensionPlus? • Who else has introduced it? • How does PensionPlus work? • Pay Advice changes • What are the benefits? • Is PensionPlus for me? • Participation • Where can I find out more details? • Questions?

  3. What is PensionPlus? • At present, your pension contributions are tax efficient. • Under PensionPlus the total employee and employer contributions will be paid to USS by the School. • NIC Savings for the employee and School • At present AVCs will not be included.

  4. Why is LSE introducing PensionPlus? • USS have changed their rules. • The LSE believes that this will be advantageous to employees to maximise their take home pay by a reduction in their National Insurance contributions. • The School will also benefit from lower National Insurance costs.

  5. Consultants • PricewaterhouseCoopers (PWC). • Why PWC? • PWC will seek HMRC approval which will enable us to go ahead with the scheme in July 2009.

  6. Other Institutions who have implemented their own versions of PensionPlus: • Oxford • USS Ltd • University of Exeter • University of Southampton • University of Birmingham • Imperial College London • University of London Senate House

  7. How does PensionPlus work? • Your current employee pension deduction will be reduced to nil. • The School will then pay an increased payment to the Pension Company made up of yourcontribution along with the standard employer contribution. • Your total pay each month will be reduced by an amount equivalent to your original pension contribution.

  8. Existing Arrangement Member PAY Member contribution Employer Scheme Employer contribution

  9. New Arrangement under PensionPlus Member Pays reduced salary Employer Scheme Member contribution Employer contribution

  10. Changes to your Pay Advice

  11. Pre-PensionPlus (Current):

  12. With PensionPlus:

  13. What are the benefits? • Your take home pay will increase. • The School will make a saving.

  14. Annual National Insurance Savings

  15. Will PensionPlus reduce my pension benefits? • No • Your full pensionable salary will be unchanged. • Retirement calculations will still use the full pensionable salary. • Death in service lump sum payments will be calculated on the full pensionable salary.

  16. When PensionPlus may not be advantageous to you • Members with 2 years or less pensionable service who wish to leave the scheme.

  17. What happens to my contributions? Your contributions can either: a) be used to transfer to another scheme after leaving. b) be used in the calculation of benefits at retirement age.

  18. What if I do not wish to participate in PensionPlus? • You do not need to participate in PensionPlus as it is not compulsory, however the School initially intends to enter all USS members into PensionPlus. • If you decide to opt out of PensionPlus then your current pension arrangements will continue as before.

  19. Can I opt back into the scheme? • Yes you will be able to opt back into PensionPlus but only on the anniversary date of PensionPlus which will be 1 July on each year.

  20. Where can I find out more details? • Information booklet. • School website under HR or Pensions. • Power Point Slides.

  21. Questions?