Past Members

If you left OSPS with less than two years qualifying service you have two options:

• a refund of your contributions that were not taken under Salary Exchange; or
• a transfer to another pension scheme.

The refund value will remain the same but the transfer value may change as it is only guaranteed for three months. The transfer value will be your gross contributions not taken under salary exchange if you were in the scheme for less than three months or left before 6 April 2006.

If you would like to claim a refund now, please complete and return the suspended options form SUS1 (pdf).

If you left with more than two years qualifying service you have preserved benefits.  If we know your address you should receive a statement each year showing their current value.

Your preserved benefits will go up in line with inflation until you:

• transfer them to a new pension scheme; or
• claim them from OSPS.

If you would like to transfer your benefits to a new pension scheme, you should contact them first to see if they will accept a transfer and then ask them about their transfer procedure. Some schemes do not accept transfers at all.

If you want to transfer to USS the process is on their website. Please note that if you transfer your benefits to USS they will go into the USS Investment Builder section. This means that if you have preserved benefits you would lose the inflation-proofed pension and lump sum you have built up in OSPS in return for a cash lump sum invested in equities and other products. You should consider taking independent financial advice to ensure that you understand the risks of transferring your OSPS and pension lump sum to USS (see below). 

Your benefits will not be transferred unless you sign a form asking us to pay the money to another scheme. In some cases we may also need confirmation that you have taken independent financial advice (see below).

Financial Advice

If you are transferring preserved DB benefits to an investment-based or defined contribution scheme like a personal pension or SIPP you will have to take suitable independent financial advice if the transfer value is over £30,000.

Transfers abroad

If you live outside the UK you might be able to transfer to a scheme in your new country if it is on an approved list provided by HMRC. These approved foreign schemes are called QROPS for short. For guidance on QROPS, please see the Government website.

Scams

Be careful of fraudsters contacting you making extravagant investment offers if you transfer your benefits to them or saying you can take cash out of the scheme before your minimum retirement age. These are scams. See the Pensions Regulator website for more information.

If you joined OSPS before 6 April 2006, you can claim your benefits from 50. Your benefits are due in full from 65 for Final Salary members and your NRD for CARE members.

If you joined OSPS on or after 6 April 2006, you can claim your benefits from 55. Your benefits are due in full from 65 for Final Salary members and your NRD for CARE members.

If we know your address we will contact you shortly before age 65 (or your NRD if you only have CARE benefits) about claiming your benefits. You can defer your benefits beyond your NRD if you let us know in writing before your NRD.

You will have options regarding the level of pension and cash you take, subject to government limits.

If your benefits are small enough and you are over 55 you may be able to take your benefits as a single lump sum, some of which will be taxed. This is called trivial commutation. For more information, see the Money and Pensions Service website.

Early and late retirement

If you take your benefits before the date they are due in full (this may vary for different elements), then we will reduce them by an early retirement factor. For example, for five years early the reduction would currently be 20%.

If you want to claim your benefits early please contact us.

Late retirement

If you take your benefits after the date they are due in full (this may vary), then we will enhance them by a late retirement factor. Currently this is 5.3% for each year you take the benefits late.

The enhancement for late retirement will only apply if you let us know in writing before your NRD that you wish to defer claiming your benefits. If you do not do this the benefits will be backdated to your NRD without interest.

If you are too ill to work again you can apply to the trustees to claim your preserved benefits early at any age without penalty. The procedure is similar to that for active members, but without the involvement of the employer. Please contact the Pensions Office for more information. 

The retirement process is as follows:

• not more than three months in advance of your retirement date (or upon request) we will send you a statement giving your options and enclosing forms for you to complete;
• if we have received correctly completed forms we will set up payment of your benefits for your retirement date.

Benefit options

On your retirement statement we will give you three options:

• standard pension and cash;
• maximum cash;
• no cash

You can also ask for figures for specific pension and cash figures subject to the maximum limits.

If you have money-purchase benefits in the scheme, either as Prudential AVCs or the OSPS bonus, we will include these in your statement. You do have the option to take these benefits separately.

Payment of benefits

Provided we have received all necessary forms, we will pay your lump sum into your bank account on the first working day after your retirement date.

Your pension will be paid through the University payroll. The payment date is the last but one working day of each month.

Suspended members

We will pay the refund value to the estate. No dependent's pensions will be due.

Preserved members

If you die with preserved benefits we will pay out the value of the preserved lump sum. The beneficiary or beneficiaries will be at the discretion of the trustees. You can fill in form NOM4 to guide the trustees.

Pensions will be paid to adult dependents and children who are eligible.

If you wish to report the death of an past member please email [email protected] or ring (01865) 616020. We will need to see a copy of the death certificate and we will accept a scanned copy sent by email.

If there are dependents we will also need at some point to see the relevant birth certificates and marriage certificates (if applicable). We will write to any dependents giving them details of any benefits due and ask them to fill in a Pensioner Registration Form.