Changes to the Contributory Retirement Savings Plan (CRSP)


February 26th, 2020

The University recently wrote to members of the Contributory Retirement Savings Plan (CRSP) pension scheme as part of a consultation over proposed changes.

As part of this, the Pensions team have arranged some face-to-face briefing sessions in March.

Background
Currently, CRSP is a Group Personal Pension (GPP) scheme provided by Legal & General (L&G). L&G advised the University last year that they would no longer be supporting GPP schemes and would be transferring the pension scheme to a provider called ReAssure.

The University took this opportunity to review the market to ensure that the CRSP pension offers the best possible provision for members. Following an extensive review, the University selected a new type of pension arrangement known as a Master Trust, which provides greater flexibility and an improved member experience, overseen by an independent board of experienced trustees.

Contribution rates remain at current levels. The successful provider selected by the University to administer this new Master Trust arrangement was L&G.

Implications
With L&G being the provider of both the current and the new scheme, member contributions will continue seamlessly into CRSP through the transition from GPP to Master Trust which is due to take effect at the beginning of April 2020.

However, the transfer of members’ assets (the benefit/accrued savings built up during their time in the current scheme) from the L&G GPP scheme to ReAssure will nonetheless take place.

Members who wish to transfer their assets back to L&G under the new Master Trust arrangement will need to give written consent for this to happen.

L&G will be writing to members once the Master Trust goes live to outline the process for transferring their assets from ReAssure to the L&G Master Trust scheme.

Briefings for staff
To help people navigate through the changes, the Pensions team will be running a series of briefing sessions in March at various locations. All staff at levels 1 to 3 are encouraged to attend a session.

Please book a place here.

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