Pension Schemes & Retirement

There are two schemes operating within the University of Worcester and all employees have the right to join the appropriate scheme, without any qualifying service.

The Teachers Pensions scheme is open to all academic staff, and the Local Government Scheme is open to support staff. Both schemes are contributory, the employee and the University make payments to the schemes based on the annual salary of the employee. Pensions are based on the final salary and the number of years of pensionable service.

Details are on the websites www.teacherspensions.co.uk and www.lgps.org.uk It is possible to transfer contributions from and to other schemes, and to arrange to top up pensions by making additional payments. Employees are advised to seek independent financial advice before entering into these arrangements.

All employees have the right to retire at age 65, and are advised to contact the Personnel Department during the 12 months prior to this. Staff who are within 3 years of retirement can apply to attend a pre-retirement programme.

Summary of the Proposals to Reform the Teachers Pension Scheme

Worcester Pension Fund Statement March 2009

A Brief Guide to the LGPS April 2011

A Full Guide to the LGPS April 2011

FAQs for HEIs on public sector pensions reform – November 2011