Finance

NEST

NEST News

Statutory increase to your Workplace Pension contributions

 

As a member of the National Employment Savings Trust (NEST) you currently contribute 3% of your pay towards your pension each month. From 1st April 2019 the statutory minimum level for member pension contributions will increase to 5% of pay and we will adjust your contributions to 5% from that date. In addition to your own contribution, the University pays 3% of your pay into your NEST account for you.  You can find out more about the statutory minimum level of contributions at www.gov.uk/workplace-pensions/what-you-your-employer-and-the-government-pay

 

The University has an alternative pension arrangement called the University of Edinburgh Staff Benefits Scheme (SBS) and you can join this pension Scheme at any time. SBS is a Defined Benefit scheme that offers greater benefits to those offered by NEST. If you want to know more about SBS you can visit www.ed.ac.uk/finance/pensions/joining where you can download a ‘Guide for Members’ booklet that gives more detail about the scheme. The website also has a handy comparison of benefits table to help you to see at a glance the benefits between the two schemes. You can access a Net Pay Calculator at www.ed.ac.uk/finance/about/sections/payroll/salary-calculator that shows the current difference in take home pay. 

 

The employee contribution to SBS is currently 8% of pay, however the University is consulting with SBS members regarding proposed increases to the contribution levels, to come into effect from August 2019. You can read the proposal in the attached document.

 

If you need more information about your pension options please visit the pensions webpages at www.ed.ac.uk/pensions or contact us at pensionsmanager@ed.ac.uk, where you can also request an SBS application form.