USS is currently undertaking a valuation, as at 31 March 2017.
Update as at 30 January 2018
The Joint Negotiating Committee (JNC) decided on a proposal for benefit reform. The proposal will be subject to a formal consultation with affected members. The consultation will commence in March 2018 and remain open for 60 days. USS will issue a consultation information pack to all members in due course.
Further to the USS Member Information Sessions that were delivered by Mercer on 10 January 2018, please click here to access the slides.
Below are additional documents, produced by UUK, in relation to the proposed USS benefit reforms:-
- UUK Proposal agreed to reform USS
- UUK Update including UCU proposal on behalf of members - 11/01/2018
- USS valuation Q&A - updated 13/12/2017
- USS Pensions - 5 facts
- UUK proposal to JNC document dated 13/11/2017
- AON Hewitt modelling re USS Benefit Reform document
Further information is available here
State Pension Age
The current State Pension Age (SPA) for men is age 65, and will increase incrementally to 65 for women by 2018. Following this, SPA will rise to 66 for both men and women by October 2020. More increases are planned, which will raise SPA from 66 to 68. To find out your SPA please visit: www.gov.uk/state-pension-age.
Since the introduction of the new pensions flexibilities, it has been reported that pension scams are on the increase. Scammers are approaching pension savers, promising one-off investments, pension loans or upfront cash in exchange for your pension. These offers typically involve high tax charges and penalties, and you risk losing a significant amount of your pension savings. The Pensions regulator has put together information on how to spot and avoid these scams. Please visit the following websites to ensure you are fully prepared should a scammer contact you:
Pension benefits built up by individuals are subject to allowances set by HM Revenue and Customs (HMRC).
HMRC has confirmed changes to the Lifetime Allowance (LTA) and the Annual Allowance (AA). These changes may affect some pension scheme members with large pension savings and/or a high overall income (from all sources).
The LTA reduced from £1.25 million to £1 million on 6 April 2016. The LTA will be indexed annually in line with the consumer prices index (CPI) from 6 April 2018 onwards. Transitional protection for members with pension benefits already valued over £1 million is available. For more information please visit the government lifetime allowance webpages.
The Government has introduced a tapered reduction in the amount of AA for individuals with income (including the value of any pension contributions) of over £150,000, and who have an income (excluding pension contributions) in excess of £110,000. This change came into effect on 6 April 2016. For more information visit HMRC's annual allowance pages.
It is strongly recommended that you seek independent financial/specialist tax advice before making any decisions in relation to your pension. If you do not have a financial adviser, please visit the following websites:
USS members should visit the USS website for further information on the allowances and options available.