USS Pensions – proposed changes to contributions and benefits
14 Sep 2021
Find out more about the proposals to change your USS benefits and the way you build them up, and the change to the contributions you pay
The Joint Negotiating Committee (JNC) has proposed a number of changes to the way you build up future benefits in your USS pension, in order to address the scheme’s funding position as part of the 2020 valuation.
This follows the USS Trustee agreeing to proposals by USS Employers. The substantial increases timetabled for 1 October 2021, and April 2022, are now off the table – and the 2020 valuation will be concluded with a total combined rate of 31.2%, which is an increase over the current rate and will mean that members’ contributions will rise to 9.8% and employers’ to 21.4%. UUK are consulting with employers over this small increase.
In the article below, the JNC gives details of the proposals and how each will affect you.
It recommends that you remind yourself of your current USS benefits before reviewing its proposals and explains the next steps. Our University will consult with eligible employees and member representatives to get views on the proposed changes before any final decisions are made. The consultation is expected to begin in early November and is legally required to run for at least 60 days.
You can read the full article at:
Further updates will be posted here and on StaffNet News.
For further information you can read a glossary of terms or visit: