Now that you’ve retired, you’ll want to know how your pension will be paid and how we calculate any increases. Here you’ll also find how to contact us if your circumstances change and how you can keep in touch with the University.
Annual increases to your pension
Every April, your pension for the previous 12 months will be increased to take inflation into account.
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|
If you have not been in receipt of your pension for 12 months, the first increase will be pro-rated for the number of months you have been retired.
The increase you receive will also depend on how much of your pension is Guaranteed Minimum Pension (GMP).
Rules for the increase in the GMP part of your pension are complicated and depend on when your pension was built up. Broadly, some of the increases on this part of your pension will be paid by the Government.
GMPs were earned between 1978 and 1997, so if your UMSS membership covered any part of this period your benefits will include a GMP entitlement.
Any pension you have built up in excess of the GMP will increase as described above.
How you’ll receive your pension
Your pension will be paid monthly, in arrears, into your bank account. It will be taxed in the same way your pay was when you were working. If your pension is greater than your personal allowances for taxation, tax will be deducted before payment is made to you.