Pension schemes
Key Information
The Local Government Pension Scheme (LGPS) is an occupational pension scheme available to colleagues in professional services, support or research roles.
- You contribute to the pension scheme, and so does NTU.
- You save on taxes for the amount you contribute each month.
- You can choose to pay more contributions to boost your pension, if you wish.
- You contribute between 5.5% and 12.5%, depending on your salary. NTU contributes 17.2% of your salary.
- You can choose to contribute half of your normal amount. If you do, you will only receive half of your normal pension in return.
Other benefits
Pension Type
The LGPS is a defined benefit CARE pension scheme. This means that the money you get when you retire is based on your salary and the number of years you’ve been in the scheme.
Your pension is based on your average salary over your entire career, not just your final salary. The pension earned in each year of service is uprated each year (by the agreed amount, often in line with inflation) and then added together to form the final pension that you will receive on retirement.
How to join and opting out
More information
- LGPS website
- LGPS contributions calculator
- LGPS other tools and calculators
- How to make extra pension contributions
- Interactive tools (from NTU partner TrinityBridge)
Other Pension Schemes
Key information
The Teachers’ Pension Scheme (TPS) is an occupational pension scheme available to academic colleagues in teaching roles
- You contribute to the pension scheme, and so does NTU.
- You save tax on the amount you contribute each month.
- You can choose to pay more contributions to boost your pension, if you wish.
- You contribute between 7.4% and 12%, depending on your salary. NTU contributes 28.68% of your salary.
Other benefits
Register for My Pension Online
Pension Type
The TPS is a defined benefit CARE pension scheme. This means that the money you get when you retire is based on your salary and the number of years you’ve been in the scheme.
Your pension is based on your average salary over your entire career, not just your final salary. The pension earned in each year of service is uprated each year (by the agreed amount, often in line with inflation) and then added together to form the final pension that you will receive on retirement
How to join and opting out
More information
- TPS website
- TPS calculators
- TPS resources
- How to make extra pension contributions
- Interactive tools (from NTU partner TrinityBridge)
Other Pension Schemes
Key Information
The Retirement Savings Plan (RSP) is a pension scheme offered by NTU to colleagues as an alternative way to save for their retirement.
- You contribute to the pension scheme, and so does NTU.
- You can even choose to contribute 0% and NTU will contribute 8% into your plan.
- You save tax on the amount you contribute each month.
How To Join
Contribution Rates
The RSP offers flexible contribution rates with maximum contributions of 14% from NTU.
The default contribution rate is 2% from you and 10% from NTU - that means if you don't choose another amount then you will contribute 2% of your salary to your pension fund.
You can choose to increase your own contributions by paying directly to your pension fund.
|
Your contribution |
NTU’s contribution |
Total contribution |
|
0% |
8% |
8% |
|
1% |
9% |
10% |
|
2% (default) |
10% (default) |
12% |
|
3% |
11% |
14% |
|
4% |
12% |
16% |
|
5% |
13% |
18% |
|
6% |
14% |
20% |
Pension Type
The RSP is a Group Personal Pension, which is a type of defined contribution pension scheme. This means that you build up a retirement fund over time, which you can use to give you an income in retirement.
The fund is set up in your name by Legal and General. It works through salary sacrifice, which means that you agree to give up part of your salary in exchange for NTU making all pension payments for you (subject to eligibility). If you’re not eligible for salary sacrifice, you can still join the RSP.
Other benefits
More Information
Free financial advice about the RSP
Interactive tools (from NTU partner TrinityBridge)
Other Pension Schemes
Key Information
If you are an academic colleague or a colleague on a comparable grade – Grade H or above – you can join the USS if you choose.
- You contribute to the pension scheme, and so does NTU.
- You save tax on the amount you contribute each month.
- You can choose to pay more contributions to boost your pension, if you wish.
- You contribute 6.1% of your salary and NTU contributes 14.5% of your salary.
Other benefits
Pension Type
The USS is a hybrid scheme combining elements of defined contributions and defined benefit schemes.
This means that money you get when you retire is based on your salary and the number of years you’ve been in the scheme, while also using defined contributions for earnings above a salary threshold (the salary threshold for 2025-26 is £71,484). With defined contributions, you build up a pot of money you can use to give you an income in retirement.
How to join
More Information
USS is a different type of pension scheme from those offered at NTU.
These resources by USS should help you understand how this scheme enables you to save for your future.