My Pension
As a new starter to NTU, all colleagues are automatically enrolled into the relevant pension scheme:
- Professional Services roles - Local Government Pension Scheme (LGPS)
- Academic roles - Teachers Pension Scheme (TPS)
NTU also offers colleagues an alternative workplace pension scheme, The Retirement Savings Plan (RSP).
If the Retirement Savings Plan is more suited to you, you can opt out of your contractual scheme and apply for the Retirement Savings Plan.
The opt out process differs between the Schemes, and it needs to be complete, before you can become a member of the Retirement Savings Plan. The tabs above provide instructions on how to opt out.
You can fill out the application form to join the Retirement Savings Plan upon starting with NTU alongside completing the opt out process with your relevant contractual scheme. NTU’s Payroll and Pension team will enrol you into the Retirement Savings Plan once the opt out process is concluded.
Useful NTU contacts
You can contact the NTU MyBenefits team who are available to answer questions in relation to the Retirement Savings Plan. For queries in relation to the opt out process, please contact the pensions team.
There is independent financial advice available for all colleagues who are considering joining the Plan. Information can be found here
There are also Frequently Asked Questions (FAQs) available via the link below.
You will need to complete the Local Government Pension Scheme (LGPS) opt out form and return it to the Pensions team.
You can only sign and date this opt out form once you have commenced employment at NTU.
Your monthly contributions for the LGPS will start automatically as part of your first NTU monthly salary.
If you opt out of the LGPS before completing three months membership, you will be treated as never having been a member. You will receive a refund of any contributions deducted directly into your pay.
If you opt out of the LGPS after three months, but before completing two years:
- you may get a refund of your contributions from LGPS, or
- you may be able to transfer the contributions to another scheme
If you opt out after two years in the scheme, you'll receive a pension benefit (a deferred pension) when you reach the scheme's normal pension age, which is your State Pension age but with a minimum age of 65.
You can opt out and re-join in the future. However, you are only able to be a member of one workplace pension scheme at any one time.
An overview of the process can be found here. This is a guide to outline the anticipated timelines expected to complete this process.
More information about this Scheme can be found on the LGPS website.
Your monthly contributions for the Teachers' Pension Scheme (TPS) will start from your first NTU monthly salary.
NTU will notify TPS that you are a new starter/new member, following your first monthly salary and first contributions have been deducted.
Once you have received a welcome email from TPS, you will need to create a My Pension Online account. You are then able to opt out.
If you opt out of TPS during the first three months of joining the Scheme, you’ll receive a refund of any contributions deducted directly into your pay.
If you opt out after three months, but before completing two years:
- you may get a refund of your contributions from TPS, or
- you may be able to transfer the contributions to another scheme
If you opt out after two years in the Scheme, you'll receive a pension benefit (a deferred pension) when you reach the Scheme’s normal pension age, which is your State Pension age but with a minimum of age 65.
You can opt out and re-join in the future. However, you are only able to be a member of one workplace pension scheme at any one time.
An overview of the process can be found here. This is a guide to outline the anticipated timelines expected to complete this process.
More information about this Scheme can be found on the TPS website.