WATCH: How well do you know your USS pension?
06 Apr 2021
Do you know the difference between DB and DC? Get to know the basics here.
We know how valuable USS is to our colleagues and how important it is that the scheme is attractive and affordable to all members, so we’re keeping our members informed as negotiations on the valuation continue.
The USS 2020 valuation, used as the basis for negotiations on how much employees and employers will pay in contributions and/or how benefits to members may have to change, is significantly worse than the previous one in 2018. The upper end of the pricing range is now around 56% of salary and the lower end circa 42%. The current rate is 30.7% (21.1% paid by employers and 9.6% paid by employees).
Our University and all the 340 USS employers are continuing to negotiate on behalf of USS members through Universities UK (UUK) while also keeping them informed of any changes.
Pensions are complex and can be confusing so here you can watch a USS overview – a 90-second film to help you understand what part of USS you’re in, what you’re building in the Retirement Income Builder and the different ways you can take your benefits and savings.
For further information you can watch a recording of our open meeting with members of the Senior Leadership Team and external pensions expert, Paul Hamilton, which included an informative presentation by Paul. We have also published a timeline and highlighted letters from Universities UK and the Russell Group.
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