BUFDG Pensions Reports 2006 and 2007
These BUFDG reports were undertaken and written in 2006 and 2007 by Professor Michael Bourn, formerly of the University of Southampton. They can be downloaded as pdf files or hard copies (subject to stock) can be requested from the BUFDG Office.
Salary Sacrifice explained
Salary sacrifice on pension contributions is currently being considered by some higher education institutions and this presentation prepared by PricewaterhouseCoopers attempts to answer many of the questions you have been asking.
Pension Protection Fund (PPF)
Pension schemes in the HE sector are not all exempt from payment of the PPF risk-based levy and all schemes operated by individual universities, USS and SAUL must pay a levy. Full details of this are known by the scheme administrator, but Finance Directors should be aware that the financial standing of their organisation, as calculated by Dun and Bradstreet (D&B), will affect the levy payable to the PPF.
It is therefore important that the latest financial statements are sent to Dun & Bradstreet. In 2007 HEFCE and BUFDG worked together to supply the information to Dun & Bradstreet in bulk and we propose to repeat this this year. If you do NOT want your details to be included in the bulk supply, please let Karel know before the end of January 2008.
If you would like to supply your financial information direct to D&B please send a hard copy of your annual financial statements and a letter of authority signed by your Vice Chancellor to: FAO Margaret Hunt or Joanne Aplin, D&B Customer Service, 2nd Floor, 126-150 Washway Road, Sale, Manchester M33 6RJ. The contact telephone number for D&B regarding PPF failure scores is 0870 850 6209. Individual universities can call the above number to obtain their failure scores once the financials have been added. Alternatively they can email customerhelp@dnb.com using 'PPF' as part of the subject header.
The Pensions Regulator
This is the regulatory body for work-based pension schemes in the UK. The Pensions Act 2004 gives the Pensions Regulator a set of specific objectives:
- to protect the benefits of members of work-based pension schemes;
- to promote good administration of work-based pension schemes;
- to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund.
The Pensions Regulator website has some useful free online training material for trustees.