2020 USS Valuation
Statutory Consultation (From 1st November 2021 to 5pm on 17 January 2022)
USS modeller
The modeller helps members to see how your benefits and contributions to USS could change as a result of the proposals. It lets members adjust the figures to reflect different levels of inflation, salary increases, investment returns, and retirement age.
Members will need to log in to access the modeller which can be found on the USS Consulation website.
This consultation seeks comments from affected employees and their representatives on:
- the Joint Negotiating Committee (JNC)’s recommended package of benefit changes and
- the alternative contribution rates which will take effect from 1 April 2022 if the changes recommended by the JNC are not implemented before then.
What to do next
- Read more about the proposals below and available on the consultation website www.ussconsultation2021.co.uk from w/c 25 October.
- Use the modelling tools on the consultation website to understand how the changes could impact you.
- Give your views on the proposals before 5pm on 17 January 2022 so your voice is heard. You can do this from 9am on 1 November by following the login process on the consultation website, or by giving your response to your employer. Any views you give on the website will be anonymous – your employer will not be able to identify you in your response.
For details concerning the USS 2020 Valuation, please follow this link to the USS website.
Additional resources on the USS Pension Scheme, including a video on the 2020 Valuation -https://intranet.birmingham.ac.uk/staff/development/pension-resources.aspx
https://russellgroup.ac.uk/news/video-why-proposals-to-reform-uss-pensions-are-needed-to-keep-it-affordable/
Covenant Protection Measures - https://russellgroup.ac.uk/news/video-what-do-proposed-covenant-protection-measures-mean-for-uss/
Town Hall – USS Pension information sessions:
28 October 2021 (content starts 50 seconds in)
Meeting Recording: https://us06web.zoom.us/rec/share/T_rQHwKWv1ZhdrECVF8KQ4-P20vIulcuZPMBTxl8JJ9-UQgHE-von95rvMKWoytC.XIBTjvwlAECoLDuH
Access Passcode: RdO#4.x&
4 November 2021 (content starts 2 minutes 30 seconds in)
Meeting Recording: https://us06web.zoom.us/rec/share/Ipx3Dru-v0a_khgxfW5qPcWPfuzgKtWY-xR--OmDstSVruOri-8eKgiLcarHu8zH.AZlUtF6a7KeieJPk
Access Passcode: 5N0+uye&
The slides from the sessions are also available here: [USS Pensions Briefing (4 Nov)]
University of Birmingham response to USS consultation
UOB response to UCU proposal for USS
Correspondence between UCEA, UUK and UCU:
Letter to UUK from UCU (18 October 2021)
UUK response to UCU
Letter to UCEA from UCU (18 October 2021)
UCEA response to UCU
USS
USS stands for Universities Superannuation Scheme. Established in 1974, they are the principal pension scheme for universities and higher education institutions in the UK - www.uss.co.uk and the largest private pension scheme in the country in terms of assets.
Please see below links to various sections of the scheme for further information:
An explanation and breakdown of the USS Pension Scheme - www.uss.co.uk/for-members/your-pension-explained
Joiners – Introduction to USS with further information on scheme details, contributions and benefits - www.uss.co.uk/im-new-to-uss
Expression of Wish forms - www.uss.co.uk/for-members/life-events/married-or-in-a-relationship
Leavers – The different options available to you if you leave the scheme, including opting-out of the scheme - www.uss.co.uk/for-members/leaving-or-already-left
Opting out of the Pension Scheme – Forms can be found on - www.uss.co.uk/for-members/leaving-or-already-left/thinking-of-leaving
Transferring into USS - www.uss.co.uk/for-members/your-pension-explained/transferring-in-to-uss
Transferring out of USS - www.uss.co.uk/for-members/leaving-or-already-left/transferring-to-another-scheme
Maximising your pension - As long as you're already building a pension within USS, you can choose to build an Investment Builder pot to save that bit extra - www.uss.co.uk/for-members/your-pension-explained/investment-builder
MYUSS ( Member portal for Investment Builder ) - www.uss.co.uk/register-for-my-uss
Life Events – Information on life events, marriage, divorce, becoming a parent, absence, ill-health and death - www.uss.co.uk/for-members/life-events
Working or retiring overseas - www.uss.co.uk/for-members/life-events/working-or-retiring-overseas
Retirement – Planning for retirement, your options, tools and what to do next - www.uss.co.uk/for-members/thinking-about-your-future/start-taking-your-benefits
Modellers – Tools for Benefit illustrator, AVCs, Annual Allowance, Benefit Conversion tools for scheme and MPAVC/ Investment Builder, Deferred Pension Increase Modeller, Scheme Pays and USS Factors - www.uss.co.uk/for-members/calculate-your-benefits
Pensions Tax – Information on Annual Allowance, Lifetime Allowance. Enhanced Opt-out, Voluntary Salary Cap and Scheme Pays - www.uss.co.uk/for-members/pension-tax
Guidance and Financial Advice - www.uss.co.uk/for-members/guidance-and-financial-advice
Retired Members - information on how to help you keep on top of your pensionwww.uss.co.uk/for-members/im-retired
USS News and recent updates – Keep up to date with the latest updates - www.uss.co.uk/news-and-views/latest-news
Member Newsletter – sign up and view archives - www.uss.co.uk/news-and-views/in-touch-newsletter
USS FAQs - www.uss.co.uk/help-and-support
USS Contact details - www.uss.co.uk/contact-us
University Contact – K.D.Champaneri@bham.ac.uk