Employer consultation on changes to USS
From 3 September to 2 November 2018, the University is consulting with USS members, staff who are eligible to join the scheme and the University’s Trade Unions about proposals by the USS Trustee to increase the contributions payable to the scheme from both scheme members and the University, starting from 1 April 2019.
If you join the University in a role that qualifies for Universities Superannuation Scheme (USS) membership, you will automatically be entered into USS.
To opt in or opt out of USS please visit the USS Opting In/Out page.
All members will contribute to the USS Retirement Income Builder section of the scheme, which provides benefits based on a formula using your salary for each year that you are a member. This is known as a defined benefit (DB) pension arrangement.
For members with a salary over a certain threshold (£57,216.50 in 2018-19), for the part of their salary which is over the threshold, all of the employee’s contribution and part of the University’s contribution are allocated to the USS Investment Builder, which is a defined contribution (DC) pension arrangement.
In addition to the above pension benefits, USS members are also covered by the scheme’s death in service and ill health benefits.
Members of USS currently pay an employee contribution of 8% of their salary whilst the University currently pays 18% of salary with 12% of this being paid into the USS Investment Builder for salary in excess of the salary threshold.
Visit uss.co.uk for more information about the benefits available to USS members, including how to register to make additional contributions to the scheme using My USS.