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, are being introduced in phases from 1 April 2016. USS has resources on its website to help you understand and get the most from the scheme. Click here for more information.
A benefit illustrator is available on USS For the future. This is 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.
USS has provided preliminary information on their USS Investment Builder, an optional defined contribution section you can join from 1 October 2016 in addition to the career revalued benefits section, and on their Retirement Income Builder. If you earn over £55,000 per year, you'll join this automatically.
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