Transfers and AVCs

Information for members of the Defined Benefit section of OSPS regarding transfers and Additional Voluntary Contributions (AVCs)

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.

Transfers In

Members of the DB section can transfer benefits into Investment Builder. These benefits can be combined with their DB section benefits as part of a maximum cash calculation at retirement, but none of the transferred funds can be used to purchase additional pension in the DB section.

Please note that we can only accept transfers from investment-based (DC) schemes, so transfers from LGPS, NHS, USS and other public sector schemes are not possible. The only exception is if the alternative is a refund of contributions.

AVCs

You can pay in more than your normal contributions if you wish. These are called Additional Voluntary Contributions or AVCs. If you want to pay AVCs to OSPS the only option is to pay them into Investment Builder. You can apply to do this on form AVC1 (pdf).

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The maximum you can pay is your total salary less your other contributions, including AVCs paid to OSPS or other pension schemes.

Investment Builder is the defined contribution section of OSPS run mainly by Legal and General.

You can pay AVCs as a regular amount or as a lump sum or both.

At retirement you can either combine your Investment Builder funds with your DB section benefits to purchase additional benefits or claim them separately.

Your Investment Builder funds can be transferred out separately to your main scheme benefits if you wish. You can do this even if you are an active member.

Please contact the Pensions Office if you want more information.

A few members of the DB section pay AVCs to Prudential. This option is no longer open.

At retirement you can either combine your Prudential funds with your DB section benefits to purchase additional benefits or claim them separately.

Your Prudential funds can be transferred out separately to your main scheme benefits if you wish. You can do this even if you are an active member.

Please contact the Pensions Office if you want more information.

Between January 2013 and 31 March 2017, it was possible to purchase additional pension and lump sum in the CARE section. If you have one of these contracts please contact the Pensions Office for more information.

Before 1 January 2013 it was possible to buy additional benefits in the final salary section. A few members still have these contracts and they are subject to different rules based on the date they started. If you have one of these contracts please contact the Pensions Office for more information.

The government restricts the total amount of pension benefits you can build up each year without paying a tax charge. This is called the Annual Allowance. Please see the Government advice on Annual Allowance for more information.

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

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Useful links

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