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The Superannuation Arrangements of the University of London |
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Prospective Members ► The benefits of membership | ||||
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SAUL is a defined benefit pension scheme, which provides similar benefits to traditional public-sector pension schemes. You’ll know exactly what you can expect to receive when you retire. In the SAUL Final Salary Plan your pension is based on your length of service in SAUL and the highest yearly salary at, or near, the time you leave or retire. In the SAUL CARE Plan your pension is based on your length of service in SAUL and the salary you earn each year increased to the time you leave or retire. Whichever plan you're in your benefits won't depend on market conditions. All your payments (also called ‘contributions’) go towards providing benefits for you and your family. SAUL members don’t pay towards the administration of the scheme - the employers cover these costs through their contributions - and there are no shareholders to pay. You pay less tax and National Insurance. When you retire you’ll get a pension paid every month, which increases every year in line with price inflation. You also get a tax-free cash lump sum equalling three times your annual pension. You can adjust the amount of your lump sum to increase or decrease your pension. SAUL provides free life cover which pays a lump sum of four times salary if you die in service. Your husband, wife or civil partner will also receive a pension for life. If you’re not married, or in a civil partnership, the Trustee may pay a pension to an adult who is dependent on you instead. In addition eligible children also receive an allowance. After two years of membership if you are unable to work due to long-term illness or incapacity you may qualify for an immediate ill-health retirement pension. Click here to see what the trade unions UNISON and UNITE say about SAUL membership. You can find information about financial advice here. |
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