UUPS Hybrid section
Welcome to the Hybrid section of the United Utilities Pension Scheme. The Hybrid section is in two parts: DB core and DC top up.
The Scheme forms an important part of your benefits package, providing savings for your retirement and protection for your dependants on death.
About the Hybrid section
The Hybrid section provides elements of both defined benefit (DB) and defined contribution (DC) schemes. You will continue to grow a defined income through the DB core as well as starting to build up a flexible cash pot through the DC top up.
Other DB benefits (built up to 31 March 2018) continue to operate as they did within the previous DB sections. Please see the Hybrid booklet in the information library for more information.
Accessing your pension
The hybrid section is managed by two different administrators. See the information below regarding how to access your records.
The DB section of the Hybrid Scheme is looked after by Willis Towers Watson. You can see your pension record held by them by logging onto the ePA (electronic pensions administration) website. In this site you can:
- See your personal details
- Obtain a quotation of what you could receive at retirement
The DC section is looked after by Aegon (formerly BlackRock). You can see your pension record held by them by logging onto the Aegon website.
If you have forgotten or misplaced your username or password please contact Willis Towers Watson on 0113 394 9309 or Aegon on 01733 353481
At April 1st 2022:
- the contribution rate for the DB core element is set at 10% of DB core pensionable earnings*
- the default DC member contribution rate has been set at 7% of the DC top pensionable earnings
*DB core pensionable earnings is £21,933.24 as at 1 April 2022 (or pro-rated if you work more or less than 37 hours per week).
You can amend what you pay into your DC pot at any time by completing the completing the online application form. You can pay between 3% and 7% into the pension scheme. The company will pay in double what you pay. You can pay more than 7% but this is classed as Additional Voluntary Contributions (AVCs) and is not matched by the Company.
Additional Voluntary Contributions (AVCs)
- You can change/commence AVCs by completing the online application form.
- You receive tax relief on AVCs and if you are in PensionSaver* you will also pay less national insurance so it may not cost as much as you think
- AVCs are added to your DC pot and treated like any other contribution
- The maximum that you can pay into the Scheme (and any other pension arrangement) on a tax efficient basis is restricted by the annual allowance. Please read the annual allowance leaflet for further information
*You can start/stop or amend your AVCs at any time. Any regular monthly AVCs will be made under PensionSaver if you are already in the PensionSaver scheme and make amendments on 1 April or due to a lifestyle event. If you pay a one off lump sum or change the amount and it is not because of a lifestyle event you will be opted out of PensionSaver on the AVC until the renewal date of 1st of April.