The School offers membership of two pensions schemes to salaried and hourly paid LSE employees; SAUL for salary bands 1-5, and USS for salary bands 6-10.
SAUL is a defined benefit pension scheme. This means a member's benefits are based on length of service and annual salary. For each year of pensionable service, members accrue a pension equal to 1/80th of their annual salary and a lump sum on retirement of 3/80th of their career average salary.
The current contribution rates are 6 percent for employees, and 13 percent for employers.
USS is a final salary pension scheme. This means a member's benefits are based on length of service and annual salary. For each year of pensionable service, members accrue a pension equal to 1/80th of their annual salary and a lump sum on retirement of 3/80th of their career average salary.
The current contribution rates are 7.5 percent for employees, and 16 percent for employers. To be updated shortly
Other benefits, such as death in service benefits, are associated with both pension schemes. Both schemes are offered on a salary sacrifice basis.
For further information regarding the School's pension schemes please contact Jenny Casey, Superannuation Officer, or visit the pensions website.