Retirement from OSPS

Information for members who retire from the Defined Benefit section of OSPS

If you joined OSPS before 1 October 2017 you are in the DB section.

If you joined OSPS after 1 October 2017 you should look at the Investment Builder page as the rest of this page is not relevant to you.

OSPS Sections

The Defined Benefit (DB) section includes:

  • the Final Salary section for benefits accrued up to 31 December 2012;
  • the CARE section for benefits accrued from 1 January 2013.

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We use your NRD to calculate your benefits, in particular whether you are claiming your benefits early or late. You do not have to retire at your NRD. Your employment retirement date is a matter between you and your employer. The University’s policy for support staff can be found here.

Your NRD is defined as follows:

  • if you were born before 1 January 1948 it is 31 December 2012;
  • if not, it is the later of age 65 and your state pension age in whole years;
  • for benefits in the final salary section it is age 65.

You can work out your state pension age by using the Government's state pension calculator.

If you joined OSPS before 1 August 2004

You can claim benefits from age 50.

If you are an active member your benefits would not be reduced after age 60. If you are a deferred member your benefits would not be reduced after age 65 for Final Salary section benefits and your CARE benefits would not be reduced after your NRD. 

If you joined OSPS between 1 August 2004 and 5 April 2006

You can claim benefits from age 50.

Your benefits would not be reduced after age 65 for Final Salary section benefits. CARE benefits would not be reduced after your NRD. 

If you joined OSPS on or after 6 April 2006

You can claim benefits from age 55.

Your benefits would not be reduced after age 65 for Final Salary section benefits. CARE benefits would not be reduced after your NRD. 

Please note that the above does not always apply to additional benefits bought through Additional Voluntary Contributions (AVCs) or to transfers in.

Benefits transferred in after 1 August 2004 are not paid in full until age 65 in the Final Salary Section, or until NRD for the CARE section.

Please contact the Pensions Office for more information on Final Salary AVCs.

If you take your benefits before the date they are due in full (this may vary for different elements), then we will reduce them by an early retirement factor. For example, if you retire five years early the reduction is currently 20%.

If you take your benefits after NRD (this may vary for different elements), then we will enhance them by a late retirement factor. Currently this is about 5.3% for each year you take the benefits late.

For more information, please contact the Pensions Office.

Please note that, unless you are taking flexible retirement, you cannot claim your benefits until you have left the service of your employer.

The retirement process is as follows:

  • you give your notice in to your employer;
  • your employer sends us the Advance Notification of Retirement RET1(U) (pdf) for the University, or RET1 (pdf) for colleges as soon as possible;
  • not more than three months in advance we will send you a statement giving your options and enclosing forms for you to complete;
  • if we have received correctly completed forms we will set up payment of your benefits for your retirement date.
     

The retirement process is as follows:

  • not more than three months in advance of your NRD (or upon request) we will send you a statement giving your options and enclosing forms for you to complete;
  • if we have received correctly completed forms we will set up payment of your benefits for your retirement date.

Please note that if you have opted out or moved to USS then you cannot claim your preserved benefits until you have left the employer concerned.

On your retirement statement we will give you three options:

  • standard pension and cash
  • maximum cash
  • no cash

You can also ask for figures for specific pension and cash figures subject to the maximum limits.

If you have money-purchase benefits in the scheme, either as Prudential AVCs or the OSPS bonus or the DC section, we will include these in your statement. You do have the option to take these benefits separately.

We will pay the lump sum into your account on the first working day after your retirement date, provided we have received all the necessary forms in time.

Your pension will be paid through the University payroll. The payment date is the last but one working day of each month.

If your employer agrees, you can reduce your hours by 20% or more and then claim 20% to 80% of your payable benefits at the same time.

If you work for the University, the department should follow the procedure given on the Personnel website and send us the appropriate forms including the advanced notification of retirement form RET1(U) (pdf)

If you work for a college they should have their own procedure, but you may find the information for University staff useful. If the college agrees they should send us form RET1 (pdf) giving the requested information.

If you are too ill to do your current job or a financially comparable job until your NRD then you can apply to the trustees for an enhanced pension.

The process is as follows:

  • contact the Pensions Office for an application form;
  • return the form to the Pensions Office giving details of a GP and consultant willing to provide medical evidence;
  • we will contact your employer for your job description and confirmation that they support your application;
  • we will obtain medical reports from your doctors and put your case to the trustees;
  • finally we will let you and your employer know the decision.

If the application is agreed, you then need to follow the normal retirement process.

If your life expectancy is less than one year you might be able to claim your benefits as a single lump sum. This is called serious ill health commutation.

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

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Useful links

 

Advanced Notification of Retirement forms

Contact Us

 : Pensions Office
       University of Oxford

       c/o Oxford University Press
       Great Clarendon Street
       Oxford OX2 6DP

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