In this type of pension plan, the fund value you build up for your retirement is based on how much you contribute, how much your employer contributes and how your investments perform.
The OSPS Trustee administer the arrangement under the same trust as existing OSPS benefits: the Trust Deed and Rules.
The new Investment Builder section is being run by Legal & General on behalf of the Trustee. To find out more details about members’ investment and retirement options you can access the L&G website.
Are you paying enough to fund your retirement?
The trustees of OSPS believe that the previous default contribution rate (tier 1) chosen by the employers was not sufficient to provide adequate funds for members in their retirement. They strongly recommend that these members elect to move to tier 2 or tier 3. The default rate for new members from 1 October 2020 is tier 2 and they can change in the first three months. Other members can change from 1 April and 1 October each year.