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If you are a new employee of the University of South Wales, the pension scheme offered to you is provided by Teachers Pensions.
If you are a new employee of Professional and Support Services Limited, the pension scheme offered to you is the PSS Limited Pension Scheme, provided by Scottish Widows.
If you are an existing employee of the University of South Wales, the pension scheme offered to you is provided by the Local Government Pension Scheme. This scheme is closed to new employees.
Your Pension
Open to new employees of the University of South Wales.
On the Teachers Pensions homepage you will find all information in relation to the Scheme, including:
Open to new employees of Professional and Support Services Limited (PSS Ltd).
Pension contributions
The default contribution levels are:
| Employee contribution | Employer Contribution |
|---|---|
| 3% | 6% |
You also have the option to pay a higher contribution, with the employer’s contribution matched to reflect that, choosing from:
| Employee contribution | Employer Contribution |
|---|---|
| 4% | 7% |
| 5% | 8% |
| 6% | 9% |
| 7% | 10% |
| 8% | 11% |
| 9% | 12% |
These additional contributions can only be chosen in whole percentile points, to a maximum of 9% employee contribution.
You can choose the option to pay a higher contribution.
Salary sacrifice
You have the option of salary sacrifice as part of this pension scheme. This is a tax-efficient way for you to make pension contributions: you give up part of your salary to pay into your pension (your sacrifice), which PSS Ltd pays into your scheme, along with the employer’s contribution. As your salary is then effectively lower, you pay lower National Insurance Contributions (NICs).
However, there are potential disadvantages:
- Life cover is worked out as a multiple of your salary and this cover may be reduced if you sacrifice some of your salary.
- If you join the Scottish Widows pension, as a Defined Benefit scheme, and leave the scheme in the first two years, you may not be able to receive a refund of your contributions as any salary sacrifice contributions would count as employer contributions. If you join the scheme and leave it after more than 30 days membership you won’t have the option of a refund and the contributions will remain in the pot for your retirement.
- A lower salary may affect the amount of money you are able to borrow for a mortgage (which is usually calculated on the basis of a multiple of your salary).
- Your entitlement to certain State benefits (such as Statutory Maternity Pay (SMP)) may be affected.
Note: you cannot use salary sacrifice if it would reduce your earnings below the Living Wage.
You do not need to take up the option of salary sacrifice if you don’t think you will benefit.
You can choose the option of Salary Sacrifice.
For further information on this and other matters relating to pensions, explore the guidance provided by the Pensions Advisory Service.
Scottish Widows homepage and contact details
Welcome to Scottish Widows leaflet
Your Workplace Pension - Joining Guide
Key Features of the Group Personal Pension Plan
Example Illustrations
Pension Investment Approaches
Life Assurance
Group life assurance cover is immediate and automatic for all employees of Professional Support Services Limited (the Company) who join the Pension Scheme at their first opportunity to do so.
Life Assurance Scheme
This document was provided by Aviva, and is available only in English.
Bereavement counselling and probate helpline guide
Only certified financial advisers can give you advice about what you could do with your financial affairs. We are not in that position and therefore, cannot suggest what you should or should not do.