This change impacts current members of the SBS and colleagues employed in Grades 1-5.
The key change is that the University and trustees of the scheme have agreed, on the basis of the latest scheme valuation, to reduce the contributions that both members and the University pay to provide benefits in retirement. The benefits the SBS provides are not changing. However, this reduction in contributions will make the scheme more affordable for all going forward.
- The rate payable by SBS members has fallen from 9.1% to 6.1% of pensionable pay.
- The rate payable by the University has fallen from 25.8% to 15.6% of pensionable pay.
This change is effective from 1 January 2025.
Colleagues in Grades 1-5 and current members of the SBS scheme have been notified of the change with full details via email.
For staff members on Grades 1-5 who are not a current member of SBS and would like to find out more or to join, please visit the University’s SBS page:
If staff have any specific questions on this, they should contact the Pensions Team: