If you’re leaving work, or you just want to opt out of UMSS, here’s what you’ll need to do.
Leaving
1
Opting out
If you want to opt out of UMSS, complete an Opting Out Form.
2
Leaving
If you’re leaving your employment here, you don’t need to do anything as you will automatically stop contributing to UMSS. See below to find out about your options. We’ll send you a Leavers Pack, which will include your leaving statement.
If you leave, your last contribution to UMSS will be deducted from your last pay. After that, you will automatically stop building up benefits in UMSS. You can choose what to do with the benefits you have already built up, depending on your length of service.
- If you leave UMSS with more than two years’ membership, you can:
- Choose to leave your pension in UMSS (a deferred pension); or
- Transfer your benefits to another suitable pension arrangement straight away or at any time up to 12 months before your Normal Retirement Age. Always seek financial advice before transferring your pension. You are legally required to get financial advice before transferring out of any scheme if the best estimate of your transfer value is £30,000 or more. Visit Unbiased to find an independent financial adviser in your area.
- If you leave your deferred benefits in UMSS, your pension and lump sum will be based on the benefits you built up in UMSS before you left; these benefits (excluding any Fixed CARE AVCs) will be revalued each April to allow for inflation (see below).
- If you leave UMSS with less than two years’ membership, you can:
- Receive a refund of your contributions (minus tax); or
- A transfer may be possible - further details are in your option letter.
Revaluation
Deferred benefits in UMSS (excluding any Fixed CARE AVCs) will be increased each April to allow for inflation. How we calculate the increase depends on when you built up your benefits, but generally the increase will reflect the change in the Retail Prices Index or Consumer Prices Index up to a maximum of 5% a year.
| When you built up your benefits | Inflation measure used |
|---|---|
| Before 1 April 2012 | Retail Prices Index up to 5% every year |
| Between 1 April 2012 and 31 December 2018 | Consumer Prices Index up to 5% every year |
| After 1 January 2019 | Consumer Prices Index up to 5% every year |
Opting out of UMSS
You can also leave UMSS if you still work here – this is called opting out. If you would like to opt out, simply complete an Opting Out Form, send it to the Pensions Office and we will arrange this for you.
If you change your mind, you may be able to opt back in within 6 months. This is not guaranteed and will depend on your circumstances. Please contact the Pensions Office to check whether you can re-join UMSS.