SAUL Pension

 

The SAUL scheme

SAUL is a final salary, also known as defined benefit scheme. Under this type of arrangement your pension at retirement is based on the length of time you have been a member of the scheme (that is, the Pensionable Service) and your final Pensionable Salary at retirement.

SAUL is approved by the Inland Revenue and is contracted-out of the State Earnings Related Pension Scheme (SERPS). Members of SAUL are sent an Explanatory Booklet, which provides a more detailed explanation of the scheme, the key features of which are as follows:

 Contributions

  • Your contributions are 6.00% of pensionable salary.
  • The College currently contributes 13% of your pensionable pay to SAUL in order to guarantee your benefits.

Please note your contributions to SAUL qualify for tax relief at your highest marginal rate. 

 Main benefits

  • A pension - of 1/80th of pensionable salary for each year of pensionable service.
  • A Cash Lump sum - of three times the pension.

Please note the tax-free cash at retirement is in addition to pension.

Other Benefits

  1. Immediate life cover – a lump sum of four times your salary together with a pension for your dependants should you die before retirement whilst in employment.
  2. An inflation-proofed pension – regular income, plus a tax-free lump sum, when you retire based on your years and salary within the scheme whilst a member.
  3. Long-term illness cover (after two years' membership in aggregate) – an inflation-proofed pension for life, and a tax-free lump sum if you can't go on working because of long-term illness.
  4. Job move simplicity – moving from one SAUL member institution to another is straight forward.
  5. Quality benefits – a scheme that's equal to the best public sector pension arrangements and recognised as providing generous terms which overall are unlikely to be matched elsewhere.
  6. Flexibility – you can, depending on circumstances, start receiving your pension before the scheme's normal retirement of 65.

Please note that nothing stated in this summary can override the Rules of the Scheme.

If you have any queries, please contact the College Pensions Office at pension@qmul.ac.uk.

 Further sources of information

The registered office of the Trustee Company, to which enquiries about the scheme or about an individual's entitlements should be sent, is:

SAUL Trustee Company

1 King's Arms Yard
London
EC2R 7AF
Tel: +44 (0)20 7776 4340
Fax: +44 (0)20 7776 4341


Website  SAUL website