This webpage provides a range of support you can access to find help with your financial wellbeing.
We also have information on cost of living: advice and guidance for students.
The University provides an employee assistance programme (EAP) which provides free, confidential and practical financial guidance and support. This is available to all University employees.
You can access financial counselling support through HELP EAP by calling + 44 (0)800 032 9849. This service provides free confidential access to online, telephone or face to face financial support counselling.
You can access online financial wellbeing support through the Workplace Wellbeing Resource Library. This provides free access to an extensive online library of wellbeing resources and support, including financial support.
Pensions are a tax-efficient way of saving for your retirement. They also provide you with life cover and pension benefits for your family in the event of ill health or death.
Sometimes, pensions can be costly, especially in the current financial climate; however, there are a variety of options that staff can use to reduce their pension costs.
The university cannot provide financial advice, and we strongly recommend that staff seek independent financial advice.
USS members can elect to pay their pension contributions on a salary sacrifice basis. You can agree to give up the part of your salary that you would pay towards your pension, and the University will pay both the employee and employer contributions to USS on your behalf.
This means that both you and the University could pay lower National Insurance contributions as well as the tax relief saving applied to pension contributions.
Members of USS can elect for enhanced opt-out membership of USS. This means that your pension contribution would be reduced to 2.5%. You would remain entitled to full life cover benefits as well as ill-health retirement benefits. However, you would no longer be accruing benefits in the USS Income Builder (defined benefits part of USS).
Enhanced opt-out status needs to be in place for a minimum of 12 months and can only be put in place once. Once it is cancelled, it cannot be reinstated.
If you are a member of USS or the Scottish Teachers’ Pension Scheme for members, you may be able to take flexible retirement from age 55 (this will rise to 57 in April 2028 for anyone who was not a member of either scheme on 3 November 2021).
Flexible retirement means you can:-
This option needs to be approved by the University.
For further information, visit the People Hub.
The table below provides a summary of the options available. Please note that the University cannot offer financial advice but can provide information on the options available.
| Option | Pension scheme | Why would I do this? | Benefits | Risks |
|---|---|---|---|---|
| Salary sacrifice | USS | To reduce the amount of National insurance you pay thereby increasing your take-home pay | The national insurance costs for both employee and university may be lower depending on individual circumstances. | If you plan to leave employment or withdraw from USS within two years of joining the scheme (but after the first three months) you will not be entitled to a refund of contributions if you are a salary sacrifice member. |
| Enhanced opt-out | USS | To reduce the cost of pension membership or for tax reasons | Reduces cost to member of pension membership, maintains full life cover and incapacity retirement. | Member not building up any pension benefits. Lower pension on retirement. |
| Flexible retirement | USS and STSS | To access some of my pension benefits and reduce my working hours | To ease into retirement and to access some of your pension benefits. | May be reductions applied to your flexible pension benefits if retiring early. |
Further details on all of these options can be obtained by contacting the Pensions and Benefits Senior Adviser, Pauline Paddison (hr-employee-experience@strath.ac.uk) . Staff can also arrange a meeting to discuss any of these options or for a general discussion on pension benefits.
The University provides life cover for eligible staff who are not members of the USS pension scheme. Please see details below:
More information is available on the Unum website.
The Cycle to Work Scheme is a tax exempt salary sacrifice scheme which allows all eligible University employees to hire cycles and cycle safety equipment on a tax-free basis.
There are also a number of external online resources which offer free confidential advice and practical tools covering all aspects of financial management, from planning your retirement to weekly budgeting and everything in between.
These are just a small selection of the information and help that can be found online.
If your financial situation is impacting your mental health, and you feel comfortable discussing this with your Line Manager, please do approach them in the first instance.
The Scottish Government’s one-stop shop for cost of living advice, including support with energy and other household bills, benefits and payments you may be entitled to and guidance on managing debt and finances. It also signposts support for families with children, older or disabled people as well as health and wellbeing resources, including help with healthcare costs.
You may be able to claim tax relief for expenses linked to doing your job like professional fees and subscriptions and costs linked to homeworking if you have to work from home for all or part of your week
Money Helper provides free impartial advice on all aspects of financial wellbeing to help put you in control of your finances. They provide free money and pensions guidance and budget planning tools and bring together the support and services of three government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise.
Step Change are a registered charity with 30yrs experience of helping people with debt problems. Their service is free, completely confidential and specifically tailored to each individual.
Money & Me from Young Scot provides practical tips on budgeting and saving, ideal if you are new to the world of work.
Citizens Advice Scotland is available to everyone offering free, impartial and confidential advice on all money related matters.
Unsold food at reduced prices. Saving you money whilst saving the environment! Too Good to Go are determined to help fix the problem of food waste. Local businesses sign up and notify via the app when they are going to have leftover food that would normally get destroyed. You pay a massively reduced price to secure your “magic bag” and all you then have to do is pick it up! Simple and genius!
Download the app via their website.
Get help with savings if you’re on a low income. Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years. Help to Save is backed by the government so all savings in the scheme are secure.
Discounts for Teachers is a web site that offer high street shopping discounts to anybody working in the Higher Education Sector - you don’t have to be teaching staff to access the discounts. Vouchers and cash back offers are available to cleaners, estates, security, catering, professional services - anybody with a Strathclyde email account can sign up. Give it a try today!
Would you like to feel more confident in your understanding of credit reports and the effect they may have on your personal finances and goals? The concept of a credit score can be tricky to understand, but with our ‘Credit Scoring’ presentation, you’ll be best placed to know how a credit score is put together and what your score means for you.
Would you like to feel more confident in how to make the most of your money by budgeting? One of the key ways to take control and manage your financial health is through creating a budget. Budgeting can help you to create a spending plan for your money so that it can work harder for you and help you stay on track to reaching your financial goals.
Knowing where to start when you want to save money can feel daunting, but it doesn’t need to be. With a few small changes to the way you manage your money, you can create a clear path forward to get where you want to be. It is important to look at your goals, consider inflation within your plans, and know the different options available to you.
Would you like to find out more on managing debt to help you stay financially fit? Dealing with money issues can sometimes be off-putting, feel overwhelming and if you don’t know how and where to get support, you could end up losing out financially. This presentation signposts support services and information to help you keep on track.
Before you invest your money, it’s important to invest your time into learning the basics and understanding the risks. Our session helps you navigate the world of investing, from investment advice and considerations to risk appetite and market volatility. Remember, the value of investments can go down as well as up, so you may not get back what you invest. Capital at Risk.
You can book an appointment to go through a quick and easy 30 minute Financial Health Check, allowing you to ask any financial questions you may have. This complimentary service is available regardless of where you bank personally.