Five facts on UMSS
26 Jul 2018
The University is proposing some changes to The University of Manchester Superannuation Scheme (UMSS)
Here are five facts for existing UMSS members and those eligible to join:
- The University is proposing to keep UMSS -which is a Defined Benefit pension scheme – open for existing UMSS members.
- Any benefits you earn up to 31 December 2018 will be protected – no one is taking these away. They will increase each year up to a maximum of 5% a year to take account of inflation. These benefits will remain in UMSS until you decide to take them.
- The proposal is to create a new 1/100th Career Average Revalued Earnings (CARE) section of UMSS for all current members and those eligible to join before 31 December 2018. The current rate of build-up is 1/80th.
- The University will continue to contribute 19.75% of your Pensionable Salary to UMSS whatever the outcome.
- The University will not ask you to contribute more. The contribution rate for all members will be 6.5%, as is currently paid by members of the CARE section.
If you’re not already a UMSS member but are eligible to join, you can do so before 31 December 2018 by completing an opt-in form, available at www.umss.co.uk or from the Pensions Office in John Owens Building.
You can find out more information about the proposed changes and how to give your feedback before Friday, 31 August 2018 at: