This page contains information for OSPS members who have already retired or for those receiving a dependent's pension
This page is for pensioners receiving a pension from the Defined Benefit section of OSPS.
OSPS members who retire with money in Investment Builder will use their funds to purchase benefits with Legal and General or another similar provider. They should contact the relevant provider with any changes in personal details or to report deaths. Investment Builder members retiring directly from the University or one of the colleges would still be eligible to join the Association of Oxford University Pensioners.
As a result of working from home due to coronavirus we have not been able to send out our usual letter to pensioners about the pensions increase for April 2020. The increase was 2.05% for benefits built up before April 2018 and 1.70% for those built up after April 2018.
Similarly the payroll department will not be able to send out payslips until remote working ends. The plan is then to send out the missing payslips to pensioners. P60s are due to be issued by the end of May 2020 and if this is not possible then alternative arrangements will be made.
Your pension will increase in line with inflation each April. From 1 April 2017 onwards the annual increase will be based on the average of the annual increase in the Retail Prices Index (RPI) and the annual increase in the Consumer Prices Index (CPI) in the previous September, but CARE benefits will have a maximum increase applied. CARE benefits accrued after 1 April 2018 will increase in line with CPI.
The trustees may change the rates of increase in the future.
You can rejoin the scheme if you are receiving an OSPS pension, but you would almost certainly have to join the Investment Builder section. However, if you retired on the grounds of ill health and are under 60 you should contact us as soon as possible if you take up any form of employment or self-employment. This is because we have to reassess your ill health pension if you are earning again.
If you retire abroad we will normally pay your pension into a UK account. However, we can pay the pension into an account in your new country in the local currency in many cases. Please contact the Pensions Office for more information.
We recommend that you investigate whether or not the UK has a double-taxation agreement with your country of residence. For more information, please refer to the HMRC website.
If you wish to report the death of an OSPS pensioner please email firstname.lastname@example.org or ring (01865) 616020. We will need to see a copy of the death certificate and we will accept a scanned copy sent by email.
If there are dependents we will also need at some point to see the relevant birth certificates and marriage certificates (if applicable). We will write to any dependents giving them details of any benefits due and ask them to fill in a Pensioner Registration Form.
If your pension is small enough and you are over age 55 you may be able to take it all as a single taxable lump sum. The younger you are the smaller the level of pension that can be commuted. As a guide the maximum level of pension that could be commuted would range from about £250 per annum at age 55 to about £750 per annum at age 80.
There are additional restrictions for trivially commuting a dependent’s pension. However, it is possible to commute a higher pension amount if you are a dependent.
If you are interested in finding out more about this, please contact the Pensions Office.