FAQs about UREPF

1. Where can I log in to Barnett Waddingham’s BWebstream portal?

2. What should I do if I cannot find my username or password?

3. Can I pay in more contributions?

4. Can I stop paying contributions and leave the scheme?

Yes, you can, but you should consider what you would lose by doing so. Firstly, your dependants would no longer be entitled to the Death in Service benefits provided by the Fund so it would be important to make your family and next of kin aware of your decision. Secondly, as the Fund is no longer open to new members, you would have no automatic right to re-join the Fund at a later date.

Finally, once your contributions cease, you would lose the tax and National Insurance relief that your pension contributions attract. Therefore, there would be an increase to your monthly tax and National Insurance contribution payments. If you would like to leave the Fund, please contact the Pensions Office.

5. I’ve stopped contributing but my net pay hasn’t increased by the same amount I put in (6.25%), why is that?

6. I want to finish working and retire. How can I draw on my benefits?

Retirement from the Fund is not automatic. If you are considering retiring from the scheme, we would recommend contacting the University’s Pensions Office six months prior to your proposed retirement date to ensure that you have enough time to: request and receive a quotation; hand in your notice; have your leaver paperwork completed by your department and sent to the Payroll Team; complete any necessary paperwork; and seek any financial advice if needed.

If you are interested in viewing an estimate of your pension benefits, Barnett Waddingham (the Fund’s administrator) now allows members to view estimates on their BWebstream online account. If you haven’t registered yet or have lost access for any reason, then please contact Barnett Waddingham directly using the details in the righthand panel.

7. I’m leaving the University, what happens to my pension?

When you leave the University, Barnett Waddingham will send you a leaver’s statement to your home address which will inform you of the benefits you have accrued since joining the scheme and will inform you that your pension will become deferred until retirement. 

Therefore, if you are due to leave the University, the Pensions Office would recommend that you check that your home address is accurate on the Employees’ Self Service portal as this will be the address that Barnett Waddingham will use. 

After you have left the University, you will no longer receive Annual Membership Statements from Barnett Waddingham. Any queries or requests regarding your pension or retiring from the Fund in the future will need to be directed to Barnett Waddingham as the University Pensions Office will lose the authority to make changes or requests on your behalf.

8. Can I flexibly retire?

Flexible retirement is available for UREPF members. For further information please see further information on the Flexible Retirement webpage.

9. I want to retire earlier than I thought, will I  lose out?

Currently, you may be able to fully retire and take an immediate pension at any time from the age of 55, as long as the University and Trustees agree. 

Your pension will be calculated up to the date of your retirement and then it will be reduced for early payment by an amount decided by the Trustees after considering advice from the UREPF’s Actuary.

If you are thinking of retiring early, you should contact the Pensions Office or Barnett Waddingham directly as soon as you can for an estimate of the reduced pension payable so that you can decide if your retirement income will be enough. It is recommended that you start the retirement process around six months ahead of your planned retirement date to ensure there is ample time to complete all the necessary pension administration.

For further information regarding the retirement process, please visit the University’s UREPF webpage.

10. What is the difference between a Defined Contribution and a Defined Benefit Pension?

The UREPF is a defined benefit (DB) scheme. DB schemes are sometimes referred to as ‘final salary’ or ‘career average’ pension schemes. How much members will get will depend on their pension scheme’s rules, not on the investment performance or how much they’ve paid in. In these arrangements, the investment risk is with the employer who must fulfil the benefits promised. DB pension scheme benefits are usually based on a number of factors such as the employee’s salary and how long they’ve worked for the employer. 

In a defined contribution scheme employees and employers contribute into a flexible savings pot. This pot is then invested by the pension provider and the value of the pot can go up or down depending on how the investments perform. In these arrangements, the investment risk is with the employee who can choose how their contributions are invested. The amount members will get when they take their pension pot will depend on how much was paid in, how well the investments have done and how they decide to take the money, for example as regular payments, a lump sum or smaller sums. The pension provider will usually take a small percentage as a management fee.

In DC and DB arrangements, you can usually get 25% of the value of the benefits as a one-off tax-free lump sum at retirement which is limited to the standard lump sum allowance which is currently set at £268,275.

Further information can be found on MoneyHelper’s Pensions Basics webpage.

11. How can I update my beneficiaries?