OSPS Pensioners

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.

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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.

The Payroll Office can give general help about income tax but they can only use the tax code given to them by HMRC. You can contact the Payroll Office on (01865) 616193.

If you think your tax code is wrong you will have to contact HMRC and ask them to look into it. You should ring 0300 200 3300 or write to:

HMRC South Wales Area
Ty Glas
Llanishen
Cardiff
CF14 5YF

You should quote the reference 075/FA12903 and your NI number.

Payslips and P60s are issued by the Payroll Office. If you have queries over missing payslips and P60s please contact them on (01865) 616163.

For changes of address and bank details please contact the Pensions Office initially. Changes of address and bank details should be done in writing.

The pension is paid on the last but one working day of each month. You can find a list of these dates on the Payroll website

Please send these to the Pensions Office in writing or by email. You can use the Change of Address or Bank Details (CHA3) form (pdf) form if you prefer.

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 are receiving a dependent’s pension, it will not stop if you remarry.

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 die within five years of retirement we will pay the balance of five years pension to a beneficiary or beneficiaries at the discretion of the trustees.

If you retired on the grounds of ill health and die before your NRD we will pay the death in service lump sum less payments already received if this is higher than the five-year guarantee.

Please complete a Member's wishes concerning disposal of Death in Retirement benefits (NOM2) form (pdf) to guide the trustees regarding the lump sum.

Adult dependants and children may also be entitled to a pension following your death.

If you wish to report the death of an OSPS pensioner please email osps@admin.ox.ac.uk 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.

If you have retired directly from the University or one of the colleges you are eligible to join the Association of Oxford University Pensioners

For other benefits available to University and college pensioners, please see the overall University guidelines for Pensioners.

pensions osps logo

Contact us


Pensions Office, 6 Worcester Street, Oxford OX1 2BX

osps@admin.ox.ac.uk

(01865) 616020

Pensioners' Payroll - (01865) 616193

 
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