Broadly, a final salary scheme provides a pension based on the number of years you have been in the scheme, a fixed rate of accrual and your salary around the time you draw your benefits. The Group Pension Scheme has an 80ths accrual rate – so this means that your pension is calculated as 1/80 x Pensionable Salary or Final Pensionable Salary, whichever is the greater, for each year of your Pensionable Service. The Normal Pension Date for the Scheme is age 65, which is the date when you would normally be expected to draw your pension.

You are eligible to join the Group Pension Scheme providing that you are:

• Aged between 18 and 63
And
• A permanent employee (full time or part-time) or on a fixed term contract
And
• Your Application Form is received within relevant 12 month joining period (see below)

You will become eligible to join the Group Scheme on the first of the month following your first day of employment with the Press.  Your last opportunity to join the Group Scheme will be on the first of the month in which the anniversary of your start date falls.  You can also join the Group Scheme on the first of any month within this 12 month joining period.

For example,

Date employment by the Press commenced 25 September 2008
First opportunity to join the Group Scheme 1 October 2008 
Last opportunity to join the Group Scheme 1 September 2009

Please note that this 12 month joining period is applicable to both permanent and fixed term staff from the date your employment with the Press begins.  If you are on a fixed term contract which is extended and/or made permanent and this is treated as continuous service (i.e. there is no break in your service) then you would not be given a further opportunity to join on this change in contract.

You will be required to complete an Application Form to become a full member of the Scheme.  The Application Form can be found in the pension pack, which will normally be issued on your first day of employment.  If you have not received a pension pack or are unable to find your Application Form please contact the Pension Department.

Your application must be received in the Pensions Department by the latest date specified on the form.  This is usually the 1st of the relevant month.

We will need to verify your date of birth and therefore will need to see the original of your birth certificate or passport.  If relevant, we will also need to see the original of your marriage/registered civil partnership certificate and spouse/civil partner’s birth certificate or passport.

As a member of the Scheme, there are two ways of making pension contributions towards the scheme:

Firstly you can make contributions directly from your salary based on a percentage of your Pensionable Salary.  Click here for the current contribution rate.

The second option is to participate in Pension Exchange, which is an initiative introduced by the Press, aimed at giving  Scheme members the opportunity to make a potential National Insurance saving, by exchanging a proportion of your annual salary equal to your normal annual pension contributions.  OUP will then pay an additional employer contribution equal to your normal pension contribution, directly into the Group Pension Scheme on your behalf.

More information about how Pension Exchange works can be found on the Pension Exchange intranet site using this link