How does SEPC work?
• You will stop making your current employee pension contributions (currently 6.35%) to the Universities Superannuation Scheme (USS) and (currently 6%) to the Superannuation Arrangements of the University of London (SAUL) Pension Schemes. • The College will pay an amount equal to your employee pension contribution (currently 6.35% directly into USS or 6% directly into SAUL) plus the employer pension contributions previously paid (currently 14% in USS and 13% in SAUL). • Your contractual gross pay will be reduced by the amount that you used to pay into USS or SAUL. • As a result your take home pay will increase because you are paying less National Insurance Contribution (NIC). This is because the employee pension contributions that you previously paid were subject to NIC whereas the employer contributions that will be paid in the future are not. The College will also make NIC savings in the same way. • The overall level of contributions to USS or SAUL remains unchanged. • Your level of
