Contributory Retirement Savings Plan (CRSP)
When joining the University of Nottingham, you will automatically be enrolled onto a pension scheme, depending on your level. For our staff at levels 1-3, this is the Contributory Retirement Savings Plan (CRSP).
You can choose how much you contribute into the scheme. The more you contribute, the more UoN contributes into your plan - this is called a ‘contribution-matching’ scheme. The table below shows the amount the university will contribute depending on your level of contribution as a percentage of your salary.
Contribution rates
| Employee contribution* | University of Nottingham contribution | Total contribution |
|---|
| 3% (default) |
6% |
9% |
| 4% |
8% |
12% |
| 5% |
10% |
15% |
| 6% |
12% |
18% |
| 7% or above |
14% |
21+% |
*Maximum employee contribution will increase to 8% effective Thursday 1 August 2024, with matched employer contribution increasing to 16%.
When you join the scheme, the default contribution rate is set at 3% from you, and 6% from UoN, making a combined 9% contribution into your plan.
However, if that’s not right for you, you can decide on a different amount to contribute.
Benefits of the scheme
- Income protection: provides a regular income for a specified period based on a percentage of your salary, if you are under 70 and unable to work at the university due to long-term illness or injury
- Death in service cover: your beneficiaries will receive a lump sum worth five times your salary if you die while you are employed by the University of Nottingham before the age of 70. Your fund will also be paid to your beneficiaries in the event of your death, usually tax free.
Changing contribution levels
You can change the amount you are contributing to your pension, but you will need to contact Legal & General to arrange for additional contributions into your plan.
To change contribution rates or opt out of the scheme, please fill out our quick form using the button below
Employee Pension Scheme Instruction Form (CRSP)
Changing CRSP to a salary sacrifice arrangement
As part of the continued development of our employee reward and benefit package we are introducing a new salary exchange arrangement for staff on Levels 1-3 who are eligible to join the Contributory Retirement Savings Plan (CRSP) (which is provided by Legal & General).
The new salary exchange CRSP scheme will provide you with an opportunity to save National Insurance Contributions (‘NICs’) on your pensionable pay.
Under salary exchange arrangement, your contractual gross salary is reduced by a percentage of your salary equivalent to the amount of pension contributions you wish to make to the CRSP. The university then pays that amount, together with its normal employer contribution into your pension arrangement within the CRSP as an employer contribution. The main benefit of a paying pension contributions in this way is the NICs saving. NICs are calculated by reference to gross salary. Accordingly, if your gross salary reduces, the amount of NICs that you (and the university) pay will reduce.
The university is working with ISIO (independent pension specialists) in setting up and implementing this new employee benefit.
This scheme will be available to eligible employees from 1 June 2024. If you are an eligible member and would like to join the CRSP using the new salary exchange arrangement please complete the Employee Pension Scheme Instruction Form (CRSP) using the button below confirming your contribution amount (either 3%, 5%, or 7% of your pensionable earnings).
You can join at any time, however, to make the most out of this new benefit by joining when the scheme launches, please submit your request by 31 May 2024.
You can also find a comprehensive list of FAQs at the link below.