Universities Superannuation Scheme
Employees who are on academic or academic-related pay scales (generally grade 6 or above) are usually offered membership of the Universities Superannuation Scheme (“USS”). USS is administered from the scheme’s offices in Liverpool. However all enquiries from current employees should initially by made through the University Pensions Office. This site gives more information about the scheme and contains links to key pages on the USS website. To understand the advantages of contributing to the scheme see: Why save with USS?
USS scheme changes
Changes are being made to USS in order to address the scheme’s funding deficit. The changes, which are outlined on the USS reform website, will be introduced in phases from 1 April 2016.
USS has launched USS For the future, a dedicated source of information, designed to guide members through the phases of scheme changes from the end of final salary accrual, from 1 April 2016, the introduction of career revalued benefits (CRB) for all members (on salary up to a threshold), and the new defined contribution (DC) section of the scheme. The site includes important downloadable factsheets covering such information as the approach to be taken in the period up to 1 April 2016 for new elections for added years AVCs and transfers in for members of the final salary section.
USS in detail
The USS scheme is administered for the University (and other institutions) by an external company, USS Ltd.
The USS website provides full details of the scheme, including the following USS pages:
- Scheme information: How it Works
- Freqently asked questions (FAQ)
- Life events: final salary members
- Information for members approaching retirement