Changes to SAUL are proposed from 1 April 2016.
The Trustee asked the SAUL Negotiating Committee (that is made up of Employers and Trade Union representatives) to consider the position of the scheme, and changes to SAUL have now been proposed.
Affected employees are being consulted about the proposed changes from 13 July to 13 September 2015.
How do I find out more?
You can find out more about:
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why changes have been proposed
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what is being proposed, and
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how you can give your opinion on the proposal
in the consultation document which is available on the SAUL website at www.saul.org.uk/consultation/document
From the start of the consultation, additional resources will be available at www.saul.org.uk/consultation including a calculator to help you understand the effect of the proposed changes on your pension, and questions and answers about the proposals.
Presentations will be held on 17th August 2015 at LSE. Please contact the pensions team for further information.
You can keep in touch with the latest news and updates to the SAUL website by registering for email updates.
How do I have my say?
You can access an online survey to give your opinion about the proposals. You can only complete the survey once and you'll need your National Insurance number, so that SAUL can check you're a member of SAUL or eligible to join and the password “myviews”.
If you do not want to use the online survey, you can also provide a written response via the pension team in HR at LSE.
Who will this impact?
The changes will affect you if you’re working for LSE on 1 April 2016 and:
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contributing to SAUL, either from your pay or as part of a salary sacrifice arrangement
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not contributing because you’re temporarily absent from work, or
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eligible for SAUL membership even if you’re not a member, for example if you have opted out of the Scheme.
Why is this happening?
Every three years, the SAUL Actuary performs a ‘health check’ of SAUL called a valuation. The latest valuation of SAUL, looking at the financial position of the Scheme on 31 March 2014, has shown that SAUL is in deficit.
This means that the money needed to pay the pensions promised to SAUL members is more than the value of the Scheme’s investments and the contributions paid in to SAUL by members and Employers.
The SAUL Trustee is responsible for ensuring that SAUL continues to provide valuable benefits to members in the future and that the Scheme remains strong in the long term.
What happens next?
After the consultation, the SAUL Negotiating Committee will consider the views of affected employees before making a final recommendation to the Trustee about the proposed changes
Questions
If you have any questions about the proposals or the consultation please contact the pensions team via hr.pensions@lse.ac.uk.