|
The Superannuation Arrangements of the University of London |
|||||
|
Active Members ► Benefit Statements SAUL issues benefits statements to active members every July which show the value of SAUL benefits built up at the previous 31 March and payable from your Normal Pension Date. If you continue to be an active member of SAUL, you will build up more Pensionable Service. Your statement also shows what your benefits will be at Normal Pension Date if you stay in SAUL until then (based on your current Pensionable Salary). If your Pensionable Salary increases your benefits at Normal Pension Date will be greater. If you do not receive your statement please contact your Pensions Officer. It is essential that your personal details and pension data are correct so you get the benefits to which you are entitled. If your Pensionable Salary isn’t right or there are periods of Pensionable Service missing, please contact your Pensions Officer. |
||||
|
Quick Links |
Explanation of terms used in your benefit statement Normal Pension Date: the last day of the month before your 65th birthday Date of joining SAUL: the date you joined the Scheme in your current period of employment. If you have a previous period of SAUL membership these benefits will not be included in your statement. Current Salary: the fixed salary that you were receiving at your calculation date – this doesn’t include overtime or bonuses. Current Pensionable Salary: this is an average figure and may not include all elements of your pay - click here for a definition. For part-time members Pensionable Salary and Pensionable Service are shown as full-time equivalents. Current part-time hours: the number of hours you were contracted to work compared to the equivalent full-time post at the calculation date. This is expressed as a part-time percentage. If you're full time your part-time percntage is 100. Your SAUL Pensionable Service: the service you have built up while in employment, any transfer of benefits from other pension schemes and benefits built up through Additional Voluntary Contributions (AVCs). The AVC service shown is the amount you have built up at the calculation date. Your SAUL benefits payable from your Normal Pension Date: At the date of calculation: is the value of your basic benefits based upon Pensionable Salary and Pensionable Service built up at the calculation date and payable from Normal Pension Date. If you are currently paying AVCs, in a contract to either age 60 or 65, this includes Pensionable Service you have purchased up to the date of calculation. If you stay in SAUL until Normal Pension Date: is an illustration of the value of your pension benefits if you were to build up service until Normal Pension Date (to a maximum of 40 years Pensionable Service). If you are currently paying AVCs, in a contract to either age 60 or 65, this includes Pensionable Service you will purchase if you pay AVCs until the end of the contract. If you’re a part-time member the illustration assumes that you will continue to work your current level of part-time hours until Normal Pension Date. If your Pensionable Salary increases between the calculation date and Normal Pension Date your benefits will be higher. If you take early or late retirement your benefits will be adjusted to take account of this. You can also increase or decrease the tax-free lump sum to change the level of pension when you retire. Benefits payable on your death shows the amount of lump sum payable if you were to die in service. It also shows the value of the spouse’s or civil partner’s pension payable. The spouse’s pension on death in service is based on your full potential service to Normal Pension Date which is why this may be more than your own pension benefits. |
|||
|
|||||
| Site mapDisclaimerLinks Your Feedback Problems Recruitment | |||||
