University of York Pension Fund overview
The University operates its own pension scheme for staff who are not eligible for membership of USS.
In practice, staff in the scheme are usually in Grade 5 or below or are employed by a participating subsidiary company.
Eligibility
Your first opportunity to join the Fund will be from the date that you have completed two years continuous employment. You must also:
- be aged at least 18 and not more than 74
- not be eligible to join the Universities Superannuation Scheme.
Structure
There are two tiers in the Fund. These are:
- CRB Tier 1: Under this tier, each year you accrue a block of pension worth 1/72nd of your pensionable salary that year (with a pro rata adjustment if you leave part-way through a year).
- CRB Tier 2: Under this tier, each year you accrue a block of pension worth 1/100th of your pensionable salary that year (with a pro rata adjustment if you leave part-way through a year).
All new entrants to the Fund will go into CRB Tier 1 automatically, but if you want to, you can choose to go into CRB Tier 2 instead.
, 632kb)Contribution rates
|
Employee contribution rate (% of pensionable salary) |
Employer contribution rate (% of pensionable salary) |
|
|---|---|---|
| CRB Tier 1 | 6.50% | 14.50% |
| CRB Tier 2 | 5% | 10.40% |
Changing contribution tier
If you elect to change from CRB Tier 1 to CRB Tier 2, you will pay contributions at a lower rate, but you will also build up a smaller pension benefit in the scheme.
You can change tiers at any time by completing a change of tier form. The change of tier will take effect from the start of the next month.