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Pensions

 

What are the differences between USS and CPS Pension schemes?

 

 

Universities Superannuation Scheme (USS)

Assistants’ Pension Scheme (pre 1/1/2013 joiners)

Assistants’ Pension Scheme (post 31/12/2012 joiners)

 

 

Cambridge University Assistants’ Contributory Pension Scheme  (CUACPS)

Cambridge University Assistants’ Contributory Pension Scheme  (CUACPS)

Cambridge University Assistants’ Defined Contribution Pension Scheme (CUADCPS)

Scheme type

Hybrid.  Career Revalued Benefit (CRB) for earnings up to Salary Threshold (Income Builder) and defined contribution (DC) for earnings in excess of salary threshold (Investment Builder)

Career Revalued Benefit

 

Post 31/12/12 joiners receive both the Career Revalued benefit and the Defined Contribution benefit set out below

Career Revalued Benefit

Defined Contribution

Salary Threshold

£58,589.70 p.a. (2019/2020)

n/a

n/a

n/a

Annual pension earned

1/75th of pensionable earnings to Salary Threshold (Income Builder)

To 31/12/2017: 1/95th of pensionable earnings. From 01/01/2018: 1/100th of pensionable earnings

1/150th of pensionable earnings

n/a

Annual lump sum earned

3 times pension (Income Builder)

3 times pension

3 times pension

n/a

Annual contribution to individual DC Fund

20% of salary in excess of the salary Threshold

n/a

n/a

5% of full Salary

Normal Pension Age (NPA)

65, but increases in line with State Pension Age

65

65

65

Revaluation of benefits already earned

In line with the increase in the Consumer Prices Index (CPI) to 5% per annum.  If CPI is higher than 5% then half of any excess up to a maximum increase of 10% per annum (Income Builder)

In line with the Retail Prices Index (RPI) to a maximum of 5% per annum.  If the RPI is higher than 5% any increase is at the discretion of the University

In line with the Consumer Prices Index (CPI) to a maximum of 5% per annum.  If the CPI is higher than 5% any increase is at the discretion of the University

n/a

Employee contribution

(correct at October 2019)

9.60% of pensionable pay

5% of pensionable pay

3% of pensionable pay

No mandatory employee contribution

Employer contribution (correct at October 2019)

21.10%

11.5%

5.8%

5%

Death in service lump sum

3 times pensionable pay

If joined before 1 December 2009 4 times pensionable pay.  If joined after 30 November 2009 3 times pensionable pay

5 times pensionable pay

Payment equal to value of funds held in your name

Spouse’s pension on death in service

50% of prospective pension at age NPA

If joined before 1 December 2009 75% of prospective pension at NPA .  If joined after 30 November 2009 50% of prospective pension at age NPA

50% of prospective pension at age NPA

n/a

Ill health retirement

Partial Incapacity – benefits calculated as a date of retirement. Total Incapacity – benefits calculated as if retiring at NPA

Ill Health – ill health enhancement of 1 year for each 5 years of completed service.  Incapacity – benefits calculated as if retiring at NPA

Ill Health – ill health enhancement of 1 year for each 5 years of completed service.  Incapacity – benefits calculated as if retiring at NPA

Benefits which can be purchased with the funds held in your name

Pension increases

In line with the increase in the Consumer Prices Index (CPI) to 5% per annum.  If CPI is higher than 5% then half of any excess up to a maximum increase of 10% per annum (Income Builder).  Increases in Investment Builder depend on benefits selected at retirement

In line with the Retail Prices Index (RPI) to a maximum of 5% per annum.  If the RPI is higher than 5% any increase is at the discretion of the University

In line with the Consumer Prices Index (CPI) to a maximum of 5% per annum.  If the CPI is higher than 5% any increase is at the discretion of the University

Depends on benefits selected at retirement