FAQs about SAUL Annual Benefit Estimates

When are Benefit Estimates issued?

Estimates are issued to all active members who were in SAUL on 31 March each year.  They are normally distributed by your Pensions Officer in late June or during July.

If you joined after 31 March, you will receive an Estimate the following year.

Why is the Benefit Estimate important?

Benefit estimates show you how much pension and lump sum you have built up already in SAUL for your retirement.

·        This helps you check whether you are on track with the amount of pension you would like to have when you reach Normal Retirement Date.

·        It gives you the opportunity to save more if you do not think you will have enough to live on in retirement.

The Estimate also shows the benefits available for your family if you die in SAUL service.

·        Again you can check if you think this is sufficient.

What information does the Benefit Estimate show?

Your Estimate shows the amount of yearly pension and lump sum you have built up to 31 March of that statement year from:

v     SAUL service

v     Transfers from previous schemes that have been completed before 31 March.

v     Purchased service with AVCs (Additional Voluntary Contributions)

These benefits are payable from Normal Pension Date.  The rules for retiring early are outlined in the member booklet.

If you continue to be an active member of SAUL, you will build up more Pensionable Service and your Pensionable Salary will increase as your basic salary grows.  This means your benefits at Normal Pension Date will be bigger.

Why is my spouse’s pension on death in service bigger than my pension?

The spouse’s pension on death in service is based on your full potential service to Normal Pension Date.  Sometimes, for younger members and those with short periods of service, this does mean that the spouse’s pension on death in service is bigger than the member’s pension based on service built up to date.

What do I do if I have a query?

Ø      If my personal details are not correct, or

Ø      My transfer credits do not appear on the statement

Ø      I do not think the salary used is correct

Ø      I have not received a Benefit Estimate but my colleagues have

Ø      I want to know more about AVCs

Please contact your Pensions Officer.  STC will investigate and send you a revised statement if appropriate.