USRF is a defined contribution retirement scheme provided by Royal London and administered by the University for its employees. Life assurance and ill health benefits are also provided to members.
The session was recorded and is available below along with a transcript of the recording and the briefing presentation.
You can join USRF if:
You are an employee of the University; and
You will be contractually enrolled into USRF with effect from the date you become eligible to join.
Contributions are calculated on your total monthly pay (pensionable pay). The current contribution rates are as follows:
Employee | Employer |
---|---|
0% | 10% |
2% | 10% |
4% | 10% |
6%
(default contribution rate) |
10% |
You can opt out of the scheme at any stage of your membership. However, to comply with pension auto enrolment legislation you will be enrolled back into a pension scheme at each 3rd year anniversary of the University of Southampton’s staging date.
Please contact
pensions@soton.ac.uk
if you would like to opt out of the scheme.
If you do not join USRF when first able to do so, or if you decide to opt out of the scheme, you can join or re-join the scheme at a later date by request to the University.
Please contact
pensions@soton.ac.uk
if you would like to join or re-join the scheme.
If you decide not to join USRF, or decide to opt out later, you will not be saving towards a pension for retirement or be covered by life assurance if you were to die while employed by the University.
Remember:
It is possible to transfer benefits from a previous pension arrangement into USRF.
Please contact Royal London for more information on how to do this.
Further information about the scheme and Royal London can be found by following the links below: