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As a member of UMSS, you and your dependants are entitled to a range of benefits and protections.

University of Manchester Superannuation Scheme (UMSS or the Scheme) allows you to build up valuable pension benefits for your retirement.

UMSS is now closed to new members, but if you joined the Scheme before 1 January 2019 you will remain a member for as long as you retain your benefits within the Scheme.

Your contributions

You make contributions of 6.5% of your Pensionable Salary to UMSS. All Pension Contributions receive tax relief, so being a member costs less than you think.

The amount of tax relief you receive depends on the rate of tax you pay. If you pay basic-rate tax, you will receive tax relief at 20%. If you pay tax at a higher rate than 20%, the appropriate rate of tax relief will apply.

More information on income tax rates is available at gov.uk/income-tax-rates.

PensionChoice

PensionChoice is a different way of funding your pension. Most members already fund their UMSS membership via PensionChoice as it enables them to pay less National Insurance (NI), which means their take-home pay increases.

For more information visit the Pensions pages on StaffNet.

Mark’s Pensionable Salary is £24,000 a year.

He contributes 6.5% of his Pensionable Salary to UMSS, which is £130* a month.

With PensionChoice

Mark’s £130 contribution is deducted from his salary before tax and NI

Tax relief

£26.00

NI Relief

£15.60

=

Actual cost to Mark:

£88.40

Without PensionChoice

Mark’s tax and NI contribution are calculated, then he pays his £130 contribution.

Tax relief

£26.00

=

Actual cost to Mark:

£104


*Mark will see this figure on his payslip, but his actual cost is lower because of tax and NI savings.

Calculating your pension

The Final Salary section closed to new members on 31 March 2012, and to future accrual on 31 December 2018. The CARE 1/80th section closed to new members and future accrual on 31 December 2018.

UMSS Final Salary section

31 March 2012

Final Salary section closes to new members

31 December 2018

Final Salary section closes to future accrual

UMSS CARE 1/80th section

1 April 2012

CARE 1/80th section opens to new members and future accrual

31 December 2018

CARE 1/80th section closes to new members and future accrual

UMSS CARE 1/100th section

1 January 2019

CARE 1/100th section opens

Before 1 January 2019, you were building up pension benefits in the Final Salary section if you joined UMSS before 31 March 2012. If you joined after 1 April 2012 but before 31 December 2018, you were building up pension benefits in the CARE 1/80th section of UMSS.

Any benefits you previously built up as a member of either section will be calculated separately and added to the benefits you earn from 1 January 2019, which are on a CARE 1/100th basis.

Your pension is calculated for each year you are an active member of UMSS. This means that each year and part year that you are a member, you build up an amount of pension based on your Pensionable Salary for that year.

You also build up a cash lump sum equal to three times the value of your pension for that year.

To find out how your pension builds up each year, and how it is protected against inflation, refer to the Scheme Guide.

To find out more about your benefits at retirement head to Retiring.