Final Salary Members

If you were in the scheme before 1 January 2013 you will have Final Salary section benefits. Benefits built up after 1 January 2013 will be in the CARE section.

If you transferred in final salary benefits from a Public Sector Transfer Club scheme at any time you would also have final salary section benefits.

Please note that the final salary link was broken as at 31 March 2018.

Expand All

Final salary benefits are based on your Final Pensionable Salary (FPS) and your Pensionable Service (PS). In most cases the benefits are calculated as follows:

    Pension is FPS x PS / 80
    Lump sum is 3 x FPS x PS / 80

Final Pensionable Salary and Pensionable Service are defined on the Special Terms page.

If you were in the scheme before 6 April 1995 we will deduct an amount equivalent to value of SERPS we think you will get from the state pension scheme. This is called the SERPS offset.

If you retire after age 65 we will calculate your final salary benefits as at age 65 and enhance them to your date of retirement. This would be 31 December 2012 if you were born before 1 January 1948.

Please note that for active members under 65 as at 31 March 2018 the FPS is calculated as at 31 March 2018. This is because the final salary link was broken as at 31 March 2018. These benefits are then revalued in line with inflation - see section below for more information.

 

Some members have contracts to purchase additional service in the final salary section. These contracts have due dates between age 60 and 31 July before age 66. The benefits from these contracts are usually calculated based on their due date and reduced or enhanced from there as applicable.

If you would like further information please contact the Pensions Office.

An adult dependent will get two-thirds of final salary section pensions.

Final salary benefits (excluding AVCs) fixed at 31 March 2018 will increase in line with the average of RPI and CPI each April, starting with April 2019. The lump sum element will not be increased by inflation beyond age 65.

Both the pension and lump sum will be increased by a late retirement factor if they are deferred beyond age 65 in accordance with the scheme rules.


The Trust Deed and Rules of OSPS take precedence over anything said on this page.

pensions osps logo

Useful links


Contact Us


 : Pensions Office
       University of Oxford
       6 Worcester Street
       Oxford OX1 2BX

 : OSPS - osps@admin.ox.ac.uk
 : (01865) 616133 or 616020

 

 

 
1 Start 2 Complete
List of site pages