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University of Warwick Defined Contribution Plan

The University is proposing to move the defined contribution sections of The University of Warwick Pension Scheme (UPS) to a Master Trust operated by Standard Life. There is ongoing due diligence work being carried out on behalf of the Trustee of UPS and the University who are taking their own legal advice.

As part of the process, we are required under law to conduct a 60-day consultation with affected staff (those in grades 1-4) who are already members and those who are not presently but who are eligible to join. It is our intention to send the consultation material out by a mixture of paper and electronic means so that it is with members in time for the start of the consultation on 15 February. If a final decision is made to proceed with the move to Standard Life, then the establishment date would be 1 May 2024. It would then be expected that the Trustee of UPS transfer member funds from Scottish Widows to Standard Life in mid-July.

The key matter to observe is the transferring of the Trusteeship to Standard Life, a new provider which under a Master Trust structure is much better resourced to provide a better member experience and meet the ever increasing regulatory duties expected by the Government. There is no change to contributions, and we are taking steps to replicate as far as possible our incapacity benefits within the Master Trust.

If you have any queries or feedback concerning the consultation please send an email to mtconsultation@warwick.ac.uk

Presentations

The University of Warwick and Standard Life will be hosting a virtual webinar on 27th February 2024 between 2pm and 3.30pm. Please click here to join the webinar.

A face to face seminar/webinar is also booked for 19th March 2024 between 2pm and 4pm in room JX2.03 in the Junction Building. Please click here if you wish to join the webinar online.