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.

A 60 day consultation has taken place and 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.

The new scheme will be called the University of Warwick Defined Contribution Plan (DCP).

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 WishLink opens in a new window in respect of the Group Life cover.