How it works
- The Contributory Retirement Savings Plan (CRSP), is the primary pension plan for staff at Levels 1 to 3 and who are not already in CPAS, USS or NHSPS
- All members of staff at Levels 1 to 3 will be invited to join on appointment to the University and can join, at any time during their employment
- Run by Legal and General, CRSP aims to provide a worthwhile pension and substantial protection for dependants in the event of the member's death
- The University and recognised trade unions are committed to the scheme, as being the most reliable way for the majority of staff to provide for their future security
On joining the scheme you will initially pay 3% of your gross pensionable pay as an employee contribution and the University of Nottingham will contribute 6% of your gross pensionable pay. After your first contribution has been deducted from your payslip you may, if you wish, elect to increase your contributions as per the below:
The University will make a contribution, equivalent to twice the member's contribution, up to a maximum of 10% of reference salary. Reference salary is used for calculating pay review, pension entitlement etc and is equivalent to gross basic pay before any adjustments i.e. for salary sacrifice.
|| % Reference Salary
For employees who contribute at the rate of 5% plus of reference salary, the University will limit its contributions to 10% of the reference salary.
Contributions are invested in one or more funds of the employee's choice. Although there are no guarantees, the aim of each of these funds is to help grow the fund. Different funds invest the contributions in different ways - the choice is the employee's or they can choose the default investment fund.
To join, please complete the Contributory Retirement Savings Plan - Employee Authorisation Form
Employees can take a quarter of their total funds as a tax free lump sum and the balance of the fund will be used to provide a pension.
Employees can draw all or part of their plan to provide a pension from the age of 55 and can continue in employment at the University.
Employees are entitled to a lump sum death in service benefit. A full explanatory booklet detailing all the options is available from the Payroll and Pensions section.
For further information on the CRSP scheme see the Legal and General microsite.
If you are already a member of the CRSP scheme, you can also register to “Manager your Account” from this web page. This will give further information including:
- Access to fund information and factsheets
- Attitude to risk investment aid to help define preferred risk level
- Retirement planner to experiment with additional contributions and pension outcomes
- Annuity calculator to experiment with different annuity types and retirement fund value