DCP FAQs

Managing DCP

What is my DCP membership number How can I join the Plan? How much am I paying in pension contributions? How can I change my employee contribution rate? How is my pension calculated? Can I pay more into my pension Plan?

You can elect to make additional voluntary contributions (AVCs) into your pension Plan on a regular or one-off basis. To do this, please email hr.pensions@warwick.ac.uk to elect the amounts you wish to contribute (you can choose a percentage or cash amount).

Further details on how to pay more into your pension are available at Boost your pension.

What is the difference between Salary Sacrifice and Non-Salary Sacrifice methods of paying my pension contributions?

Salary Sacrifice is the method of paying these contributions across to DCP. If you pay your contributions on a Salary Sacrifice basis, the employee contributions are classed as an employer contribution which means that in addition to the normal tax saving you should also benefit from a national insurance saving, and therefore your take-home pay should be higher. Please note National Minimum Wage restrictions may apply.

Non-Salary Sacrifice contributions ae classed as employee contributions, and your take-home pay each month will be lower because you will not benefit from any National Insurance Saving. If you leave with under 30 days service in the Plan you may be eligible for a refund of these contributions less a tax deduction.

Further information is available at How payments are made.

How can I see how much I have built up in my pension? My home address has changed, how can I notify my pension Plan? Can I transfer my benefits from a previous Plan into my current Plan at the University of Warwick and how can I do this?

Life Events

How do I nominate my beneficiaries?

You will need to log into the Standard Life website or app and select ‘Manage your beneficiaries’ under the Actions section. It is important to regularly review this information and update when necessary. In addition, active members are also covered for death in service benefits, please complete an Expression of Wish form for the life cover policy.

What happens to my pension if I go on maternity or parental leave? What happens to my pension if I take a career break? How can I request a Cash Equivalent Transfer Value for divorce purposes? I am moving to a new role on a different grade from my previous role, does this impact my pension scheme?

If the move is on a permanent basis and still within grades 1 to 4 there is no change. If the change is to a Grade 5 or above you will automatically join USS and you are not permitted to remain in the DCP Plan. Your DCP membership will cease and you will receive a letter from Standard Life regarding your options.

If the new role is a secondment then you will remain in DCP unless the move becomes permanent.

Retirement

How do I request a Retirement Illustration? Can I take any of my pension as tax-free cash? What options will I have in retirement?

You will have different options available to you, for example:

Flexible income: Leave the money in your pension pot invested and take a regular income from it. You can change the amount as you go.

Get a guaranteed income for life: Buy an annuity, which gives you a guaranteed income for life. You can't change this later.

Take a lump sum(s): Take cash from your pension pot in one or more lump sums. The first 25% is normally tax free.

Combine your options: You can take a combination of any of the options above, for example take a lump sum and buy an annuity.

Further information is available at your options in retirement.

Leaving

Can I withdraw from the scheme and re-join at a later date? How can I opt out of the scheme?

If you wish to optout of the Plan, you need to complete an Opt Out form found at Important documents and email back to hr.pensions@warwick.ac.uk within 28 days of your enrolment date. As a contractual joiner you are automatically enrolled into the Plan from your start date.

Please note by opting out you will lose the death in service cover.

I am leaving the University of Warwick, what happens to my occupational pension Plan benefits?

Upon leaving the University and after your last payment from payroll, the HR Pensions Team will inform Standard Life that you have left. They will write to you about your benefits. Generally, your benefits will remain in the Plan until you claim them on retirement. Alternatively, you may be able to transfer them to an alternative arrangement. This will be detailed in the correspondence you receive from the Plan Administrator Standard Life. Further information can be found at What happens if you leave your job?

I am leaving the University of Warwick and am moving overseas, what happens to my occupational pension Plan benefits?

Upon leaving the University and after your last payment from payroll, the HR Pensions Team will inform the Plan Administrator that you have left. They will write to you about your benefits. Generally your benefits will remain in the Plan until you claim them on retirement. Pensions can be paid to members who live overseas. Alternatively, you may be able to transfer them to an alternative arrangement. Whilst it may be possible to transfer benefits to overseas arrangements, the process is more complex.