What you want to know about USS, but were afraid to ask PDF
Preview What you want to know about USS, but were afraid to ask
UAS Conference Series 2013/14 What you want to know about USS, but were afraid to ask Jan Killick Finance Division 4 February 2014 14 September 2010 Page 1 How much does it cost? The Universities Superannuation Scheme “USS” is the • pension scheme for academic and academic-related staff Career revalued benefits (“CRB”) from October 2011 • Final salary benefits (“FS”) for joiners before October 2011 • You get tax relief on contributions and pay less National • Insurance Category of member FS CRB CRB for re-employed pensioners % of pensionable salary 7.5% 6.5% Depends on age on rejoining (from 13.9% to 19.4%) Significant employer contributions – currently 16% • 4 February 2014 Page 2 How does your pension build up? CRB • 1/80th x pensionable salary for each year of • membership Each year’s pension revalued in line with CPI (matched • up to 5%, if over 5% half the difference up to a maximum of 10%) Total pension is sum of each year’s revalued pensions • FS • 1/80th x pensionable salary x pensionable service • 4 February 2014 Page 3 What benefits do you get when you retire? A pension and cash lump sum • Cash lump sum is generally 3 times pension, • e.g. £10,000 p.a. pension and lump sum £30,000 Flexibility on cash lump sum • Normal pension age is currently 65, increasing in • line with increases in State pension age 4 February 2014 Page 4 See online modeller 4 February 2014 Page 5 What are the benefits for my family and dependants? If you die whilst an active member: • cash lump sum of 3 x annual salary • plus a pension of half your pension had you been • able to continue in USS to age 65 If you die after you retire: • pension of half your pension • plus cash sum if you die within five years of retiring • 4 February 2014 Page 6 What benefits do you get if you leave before retirement? If you leave within 2 years: • refund of non-salary exchange contributions; or • transfer; or • Deferred pension based on your contributions. • If you leave after 2 years – deferred benefits or • transfer Deferred benefits increase with inflation until • you retire and start taking the benefits 4 February 2014 Page 7 We are here to help Head of Pensions: Jan Killick (6)16164 • USS team: • Alan Cunningham – Pensions Officer (6)16067 • Ginny Hughes – surnames A to G • (6)16088 Jayne Hewitt – surnames H to R • (6)16063 Cassie Butcher – surnames S to Z • (6)16048 Email: [email protected] • 4 February 2014 Page 8 More information Website: www.uss.co.uk • Booklet • DWP: www.gov.uk/calculate-state-pension • 4 February 2014 Page 9 QUESTIONS 4 February 2014 Page 10
Description:The list of books you might like
