Pensions

Please select one of the sub-menus to find out further information relevant to you

As an LSE employee, there are 2 main pension schemes available to you:

  • If your role falls within salary bands 1 to 5, you are eligible for SAUL membership.
  • If your role is on salary band 6 or above, you are eligible for USS membership

If you are salaried member of staff, we have a legal obligation to automatically enrol you into a pension scheme. If you are an hourly paid member of staff, you can elect to join the pension scheme by notifying the pensions team in writing.

If you wish, you can elect not to participate in the pension scheme made available to you, however, the School is not able to arrange contributions to any alternative arrangement. 

Below are various resources to help you plan for your future, and help you better understand how LSE's pension provision works.   

Planning for your retirement

Whether you are at the beginning or coming towards the end of your career, the School has created some useful resources to help you think about and plan for your future:

Retirement Planning Guidelines [PDF]

Retirement Policy [PDF]

Transition to Retirement Request Form [doc]

SAUL (Superannuation Arrangements of the University of London)

SAUL is an occupational pension scheme providing pensions for more than 50 HE organisations and currently has over 46,000 members. 

To be eligible for SAUL membership, your role must fall within salary bands 1 to 5. 

SAUL is a defined benefit (DB) pension scheme, which means the benefit you receive at retirement is calculated using a pre-determined formula.  

About the scheme [PDF]

Additional voluntary contributions & transfers [PDF]

Leaving the scheme or opting out [PDF]

Additional information [PDF]

USS (Universities Superannuation Scheme)

USS is a UK wide pension scheme offered to LSE staff members on or above Salary Band 6. It is a large scheme with approximately 400 institutions as members.  

USS is a ‘hybrid’ pension scheme, it may provide a combination of ‘Defined Benefit’ and ‘Defined Contribution’ pension benefits. 

About the scheme [PDF]

Additional voluntary contributions [PDF]

Transfers [PDF]

Leaving the scheme or opting out [PDF]

Additional information [PDF]

 

Automatic Enrolment and Salary Sacrifice

In addition to the scheme-specific factsheets, we've also produced a number of other documents to help guide you through some of the other important issues affecting you and your pension:

Automatic enrolment explained [PDF]

Salary sacrifice explained [PDF]

Pensions Tax

HM Revenue & Customs (HMRC) have established allowances within which pension savings achieve tax favourable treatment in the UK. For more details, please explore the following factsheets:

Pensions tax explained [PDF]

Pensions tax: the lifetime allowance [PDF]

Pensions tax: the annual allowance [PDF]

Managing your pensions tax liability [PDF]

Frequently asked questions

We've collated some of the most common pensions queries for you into a separate webpage.

If you still are unsure - please feel free to contact a member of the pensions team

Useful links

SAUL pension scheme

Full scheme information, online facility to update your address details, forms for updating your nominated beneficiaries, opting out of scheme membership etc…. and calculators to assist with your retirement planning. 

USS pension scheme

Full scheme information including forms for updating your nominated beneficiaries, opting out of scheme membership etc…. various factsheets, podcasts and modelling tools to assist with your retirement planning. 

MyUSS

To view and manage details of your USS Investment Builder fund, complete a USS online enquiry form and view details of investment funds and performance. 

Pension Wise   

Free and impartial government guidance about your pension options. 

Unbiased       

Find an Independent Financial Adviser near you. 

The Pensions Advisory Service          

Independent and impartial information and guidance about pensions, free of charge, to members of the public. 

Department for Work and Pensions (DWP)            

The Department for Work and Pensions (DWP) is responsible for welfare and pensions policy. 

Payroll Team

For enquiries regarding your pay details please contact the payroll team.

 

It is important to note that we are not legally allowed to give you financial advice specific to your personal circumstances.  The useful links section contains details of where you may be able to obtain such advice if you require it. All rates and information provided can be subject to review and change.

The pensions team are here to assist you with any queries you may have relating to the pension provision offered by the School.