Wellbeing HubFinancial wellbeing
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.
Employee assistance programme
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.
Financial counselling support
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.
Online financial wellbeing support
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
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 pensions office cannot provide financial advice and we strongly recommend that staff seek independent financial advice.
LGPS 50/50 Scheme
Staff who are members of the local government pension scheme can elect to join the 50/50 section of the pension scheme.
You can elect for this at any time and it means you pay half of the contributions you normally would pay, However, you only build up half of the pension during the period you pay the reduced contribution.
By paying the reduced contribution, there is no impact on any pension benefits that your loved ones would be entitled to if you died in service. You would also be entitled to full life cover benefits and full ill health retirement enhancements. The University would carry on paying the full employer pension contribution.
You can of course choose at any time to move back to the main section of the Scheme and your employer will do that from the pay period following your written option.
USS Salary Sacrifice
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.
USS Enhanced Opt-Out
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.
Flexible retirement
There is a provision under USS, LGPS and the Scottish Teachers’ Pension Scheme for members who are at least 55 years old (rising to 57 in 2028) to take flexible retirement. This means that they could reduce their hours and access some of their pension benefits. Flexible retirement requires the agreement of the University
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 |
|---|---|---|---|---|
| 50/50 scheme | LGPS | To reduce pension contribution paid by member | Employee contribution reduced by half, retains full life cover and incapacity retirement benefits. | Building up less pension benefits and pension will be lower when you retire. |
| 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/LGPS 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 office (pensions@strath.ac.uk). The Pensions Office can also meet with staff to discuss any of these options or for a general discussion on pension benefits.
Cycle to Work Scheme
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.
External online resources
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.
Cost of living crisis - Cost of Living Support Scotland
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.
Claim back tax for homeworking
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
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
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
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
Citizens Advice Scotland is available to everyone offering free, impartial and confidential advice on all money related matters.
Too Good to Go
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.
Help to Save
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.
Shopping Discounts
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!
This is 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.