Members of the Superannuation Arrangements of the University of London (SAUL) will from today only be permitted to transfer benefits into the scheme from another that is on the public sector transfer club list. Non-club transfers will be suspended.

If a member joined SAUL after 1 April 2004, they have one year from their Pensionable Service date to transfer under club transfer arrangements. Any transfer after this period will be treated as a non-club transfer and will be subject to this suspension.

SAUL’s chief executive Penny Green said that the reason for this decision was to reduce risk within the scheme. “The trustee provides defined benefits for transfers-in. The discussions around GMPs last year, together with increasing longevity means that the trustee felt that to continue to accept such transfers and provide a defined benefit in return introduced too much risk into the pension fund,” she said.

The trustee will continue to review the position and may lift the suspension in the future,” she added. A list of the schemes on the public sector transfer club list can be accessed here

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