Your Pension Choices Upon Joining
A number of different pensions schemes exist which University staff may become members of, based on different criteria.
Your Pension Choices - For Employees on grades UE01 - UE05
Your Pension Choices UE01-UE05
Comparison of Benefits between the National Employment Savings Trust (NEST) and the University of Edinburgh Staff Benefits Scheme (SBS) – for Grades UE01 – UE05
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NEST |
SBS |
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Type of Scheme
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Defined Contribution |
Defined Benefit |
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Main Scheme Benefit |
Members build up a retirement savings pot throughout their membership. Up to 25% of the total fund value can be taken as cash at retirement, the remainder is used to purchase an income.
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An annual income equal to 1/75th of pay for each year of membership plus a lump sum of 3/75th of pay for each year of membership. |
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Risks |
Contributions are invested in stocks and shares on the member’s behalf. The value of the member’s retirement pot can go down as well as up. |
Retirement benefits are not calculated on the value of the member’s contributions therefore there is much less risk to the member.
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Life Cover |
No additional life cover is provided. The value of the member’s pot would be paid out upon death of the member.
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A lump sum of 3 x annual salary is paid upon the death of the member along with an income for a spouse/beneficiary. |
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Additional benefits |
Members can pay into their NEST account from any UK employer.
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Serious ill health cover is provided as part of membership. |
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Cost of membership |
Members pay 5% of salary, the employer pays 3% of salary.
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Members pay 9.1% of salary, the employer pays 19.8% of salary |
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Additional Voluntary Contributions (AVCs) |
Members can pay AVCs into their NEST account at any time. |
Members can pay AVCs to the Scheme’s money purchase arrangement with Standard Life.
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Your Pension Choices - For Employees on grades UE06 - UE10
Your Pension Choices UE06-UE10
Pension Scheme Application Form
Pension Scheme Application Form