New starters information
As a new member of staff you are automatically enrolled into either the Universities Superannuation Scheme (USS), Superannuation of University of London (SAUL), or if you are an existing member of the NHS scheme, you may be able to continue your membership.
Levels of Contribution
| Pension Scheme | Employee Contribution | Employer Contribution | Total Contribution |
|---|---|---|---|
| USS | 9.8% | 21.6% | 31.4% |
| SAUL CARE | 6% | 21% | 27% |
| SAUL Start | 6% | 15%* | 21% |
| NHS | Varies dependant on salary | 14.38% | |
*Plus 1% of salary to help cover the costs of running the plan and paying death-in-service benefits’
Payment Options
New Starters Information
Option One
PensionSMART Salary Sacrifice Method
This is the preferred method for USS and SAUL. You do not make any direct payments to the pension scheme, and your salary is reduced by the percentage you would otherwise contribute. The College contributes both the employer and employee percentage directly to the scheme on your behalf. This allows you to receive relief for National Insurance Contributions with a consequential increase in your take home pay.
Option Two
Non Salary Sacrifice Contribution Method
You contribute the required percentage of your Pensionable Salary directly to either USS or SAUL from your monthly salary and the College makes an employer percentage contribution. You will receive tax relief on your pension contributions but will not receive any relief for National Insurance Contributions.
Please note:
If you leave the pension scheme two years or more after joining (whether or not this coincides with the end of your College employment) you will have the choice of:
(i) a deferred pension and lump sum which are payable when you retire, or
(ii) a transfer value, if you elect to transfer your pension fund to another pension arrangement.
If you leave the pension scheme with less than two years' membership:
If you are in PensionSmart:
(i) refund of employee contributions within the first three months (except for SAUL Start members where you can only receive a refund of contributions within the first 30 days of joining the scheme).
(ii) no refund of employee contribution three months plus. A deferred pension and lump sum which are payable when you retire or a transfer value, if you elect to transfer your pension to another arrangement.
If you make direct contributions to the pension scheme:
(i) employee only contribution refund minus tax and national insurance.
Opting out of the Pension scheme
If you wish to opt out/withdraw from the scheme, please complete the relevant form from the selection set out below and send it to pensions@imperial.ac.uk.
Please note that it is a legal requirement for College to Pensions Auto Enrolment you onto the relevant scheme before actioning your opt-out request.
- SAUL CARE - Opt Out form
- SAUL Start - SAUL Start Opt out form - For new members joining from 1 April 2023 who have not yet been paid
- USS Opt Out- Notice to opt out or withdraw from USS form