Pension schemes

Universities Superannuation Scheme (USS)

USS is a national scheme for staff on academic and academic-related grades (grades 6 and above). As a member you will accrue a pension of 1/85 of your salary and a cash lump sum of 3/85 of your salary for each year of service. Members of the scheme also benefit from life cover and a package of protection for beneficiaries in the event of death in service. You will also gain access to the USS Investment Builder, the defined contribution part of USS.

You can use this online calculator to see what you could get as a member.

Oxford Staff Pension Scheme (OSPS)

OSPS is the University’s own pension scheme for staff on grades 1-5. Members who joined the scheme before 1 October 2017 have benefits in the Defined Benefit section which means you will know what you will receive for retirement. Newer members join the investment-based section of the scheme which means retirement is based on how much you contribute, how much your employer contributes and how your investments perform. The Investment Builder section of the pension is largely administered by Legal and General. Members can also get sickness and life assurance benefits.

The scheme has lots more options, and has an online retirement planner to see what you might need and what you could get as a member.

National Health Service Pension Scheme (NHSPS)

The NHSPS is a national scheme for NHS employees which applies within the University only to those staff who were active members of the NHSPS immediately prior to employment by the University and meet other criteria.

Medical Research Council (MRC) pension scheme

A limited number of staff in the Medical Research Council (MRC) units in the Weatherall Institute of Molecular Medicine retained membership of the MRC pension scheme (MRCPS) under the TUPE transfer.
Find out more about University pensions and other financial benefits.

Find out more about University pensions and other financial benefits.