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
You will join the USS Retirement Income Builder section of the scheme. The USS Retirement Income Builder provides benefits based on a formula using your salary for each year you are a member. This is known as a defined benefit.
For the period 1 April 2016 to 30 September 2016 the salary used for calculation purposes will be your full pensionable salary. From 1 October 2016 a salary threshold will apply when a new section of USS opens called the USS Investment Builder. This section operates on a basis know as defined contribution.
If you earn more than the salary threshold which from 1 October 2016 is £55,000 a year (and will be reviewed each year on 1 April) your benefits will be calculated under the USS Retirement Income Builder section for salary up to the threshold. Contributions paid on salary in excess of the salary threshold by you and the University will be paid automatically into the USS Investment Builder.
Contributions payable by USS members are 8% of salary. The University pays 18% of salary with 12% of this being paid into the USS Investment Builder from 1 October 2016 for salary in excess of the salary threshold.
Visit USS.co.uk for more information and a copy of the most up to date member booklet.
Visit forthefuture.co.uk for details on the new arrangements from 1 April 2016.