University of Warwick Defined Contribution Plan
The University proposed to move the defined contribution sections of The University of Warwick Pension Scheme (UPS) to a Master Trust operated by Standard Life.
A 60 day consultation has taken place and after reviewing member feedback a decision has been made to introduce the University of Warwick Defined Contribution Plan (the “New Plan") which sits within the Standard Life Master Trust, replacing the current Defined Contribution Sections with Scottish Widows. Contributions to the New Plan will start to be paid to Standard Life from 1 June onwards, commencing with payments from the May payroll.
In deciding to proceed with the New Plan, the University and Trustee have worked closely together along with their advisers and are supportive of the New Plan because they anticipate benefits to members from this change. In brief, some of the benefits identified so far are:
Better value for money – the member charges will be lower and overall will offer better value than the Current DC Section, helping to improve your outcome in retirement.
Wider retirement options – members will have access to a wider range of options for taking their retirement savings under the Master Trust.
An improved member experience- access to technology and new online tools, such as the member portal and app. These latest innovations in the pension market should help you better understand your retirement journey and plan for your future.
Robust administration- the University has selected as provider a company, well-known to most members, which is committed to delivering good quality servicing and can demonstrate its ability to meet their service level agreements consistently and to process members’ requests in a prompt and efficient way.
The new scheme will be called the University of Warwick Defined Contribution Plan (DCP).
The University of Warwick Pensions Team has submitted all new joiners and pension remittances for May 2024 have been paid across. Contribution payments will appear on member's accounts in due course.
Bulk Transfer Notices have been issued. Please select from the options below to access.
Plan Information
Please visit the Standard Life Plan websiteLink opens in a new window to find more details.
These include a Plan GuideLink opens in a new window, Plan SummaryLink opens in a new window and Plan OverviewLink opens in a new window.
If a member of the new Plan, you will need to complete a Standard Life Expression of Wish form, details of how to do this are detailed in the video: (How to add a beneficiary)Link opens in a new window.
In addition, active members of the University of Warwick Defined Contribution Plan are also covered for death in service benefits via a Group Insurance policy set up separately by the University. Please complete an Expression of Wish FormLink opens in a new window in respect of the Group Life cover.