The employer consultation on proposed changes to SAUL ended on 13 September 2015.
The Trustee has now approved the changes to Saul and the changes described in the consultation document will be implemented from 1 April 2016.
The key changes are:
• The SAUL Final Salary Plan will close on 31 March 2016 and all active members will build up CARE benefits from 1 April 2016
• As the Final Salary link will be broken, affected members will get an enhancement to their Pensionable Service (if they are under age 65 on 31 March 2016)
• All members will build up 1/75th of salary for each year they are in SAUL from 1 April 2016
• Employer contributions will increase to 16% of members' salaries from 1 April 2016.
In addition to the above changes, SAUL will leave the public sector transfer club. This means that:
• Members who joined before 1 April 2004 will be able to apply for a club transfer into SAUL up to 31 March 2017
• Current members (and those joining before 1 April 2016) have one year from their date of joining to apply for a club transfer into SAUL
• Members who join from 1 April 2016 will not be able to transfer benefits into SAUL.
From 1 April 2016, it will be no longer be possible for members to combine benefits from multiple periods of SAUL service. The deadline for members to apply to combine their benefits is 31 December 2015.
For more information please follow the link: http://www.saul.org.uk/445/1142/saul-is-changing