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The Superannuation Arrangements of the University of London |
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Active Members ► Transferring benefits into SAUL
If you’re an active member of SAUL you may request a transfer of pension benefits from your previous employer’s scheme, a personal pension plan or retirement annuity by completing a Transfer-in Form. A transfer of benefits will buy:
Acceptance of a transfer is at the discretion of the Trustee. |
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How does the transfer process work? What is the public-sector transfer club? How do transfer affect refunds of contributions?
As you move between jobs, transferring pension benefits into your current employer’s scheme is one way of keeping all your benefits in one place rather than receiving a number of individual pensions upon retirement. One thing you may want to consider is how much you expect your transferred in benefits to be worth when you leave or retire from SAUL compared to how benefits in your other schemes will increase. If you transfer your benefits under the public-sector transfer club you will buy generally equivalent benefits in SAUL (see “What is the public-sector transfer club?” below). If you joined SAUL after 1 April 2004 you have one year from the date you joined to transfer your benefits under this arrangement. If you joined SAUL before this date you can transfer your benefits at anytime. If you have any questions about your options we recommend that you speak to your employer’s Pensions Officer or an Independent Financial Adviser.
How does the transfer process work? Put simply you can ask us to provide a quotation of how much service or pension (depending on the type fo transfer) you can buy in SAUL by completing a Transfer-in form and forwarding it to your employer’s Pensions Officer. SAUL contacts your former scheme or pension provider to obtain the cash-value of your benefits in their plan. SAUL Trustee Company then calculates the benefits this buys in SAUL. We send you a quotation and, if you wish, you can accept the transfer by signing the form that comes with your quotation. We then request the payment from your pension plan and confirm that it has bought you additional benefits in SAUL.
What is the public-sector transfer club? SAUL participates in the public-sector transfer club. This means that participating schemes transfer their benefits on a basis set by the Government Actuary. It is a more generous way of calculating a transfer of benefits, compared to pension arrangements in the private sector. If you joined SAUL after 1 April 2004 you have one year from the date you joined SAUL to transfer your benefits under this arrangement. If you joined SAUL before this date you can transfer your benefits at anytime. You can find a list of Schemes that participate in the public-sector transfer club here.
How do transfers affect refunds of contributions? If you have less than two years’ Pensionable Service when you leave SAUL, you may receive a refund of your contributions. If you have transferred benefits into SAUL it is unlikely that you will be able take a refund from SAUL even if you have less than two years’ Pensionable Service. |
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