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Changes to SAUL from 1 July 2012

 

 
 

 

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The cost of providing defined benefit pension schemes has been rising in recent years.  This increase has been due to a combination of improving life expectancy and lower expected investment returns.  SAUL is no different.  Also, the preliminary results of the 2011 Actuarial Valuation show that SAUL has a funding shortfall.

To resolve this, and to ensure that SAUL continues to offer high quality, affordable and sustainable benefits, the SAUL Employers and Trade Unions, UNISON and Unite, negotiated proposed changes to SAUL from 1 July 2012. You can find full details of the changes in the consultation document.

The SAUL Employers consulted members of the Scheme – and those who are eligible for membership - about the proposed changes. The consultation opened on 10 January 2012 and closed 9 March 2012.

The SAUL Negotiating Committee met on the 19 March 2012 and considered all responses to the consultation. The Negotiating Committee then met the SAUL Trustee on 22 March 2012. The Trustee and the Committee decided to proceed with the proposed changes to SAUL with effect from 1 July 2012. You can find the announcement confirming the changes here.

Why are changes to SAUL proposed?

What are the proposed changes for active members?

What are the proposed changes for new members?

The consultation process

The consultation document ►

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A PDF version of the information provided to everyone who is affected by the proposed changes.

 
   
 

 

       
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