USS Scheme changes update – Benefit illustrator now available

Nov 25th, 2015 | By | Category: News

Dear USS member

USS For the future has been recently been updated.

Firstly a new benefit illustrator is now available. This allows you to estimate your retirement benefits and includes both those benefits already earned and those you may earn in future.

There is also a new Preparing for the Changes section which contains information about changes to the availability of AVCs, transfers-in and retirement quotations as well as information to help you prepare for the move to the revised scheme structure. This section also includes an update on money purchase AVCs (MPAVCs).

Important information about the new benefit illustrator

The new benefit illustrator is designed to provide you with an estimate of your USS retirement benefits.

The illustrator will include an estimate of your benefits earned up to 31 March 2016 under the current scheme rules as well as an estimate of the benefits you may earn within the revised scheme from 1 April 2016 until you retire (this will also include any defined contributions (DC) savings you build up).

Please be aware that although the estimates provided by the benefits illustrator are calculated in accordance with the USS rules it does not confer any entitlement to claim the benefits shown.

The illustrator is intended to be used as a guide and should not be used for financial planning or for retirement planning.

For some restricted groups of members, who have a specific range of circumstances, the illustrator will not properly reflect current or future benefits. Further details about these restricted groups are contained within the notes accompanying the illustrator.

If you would like specific guidance on the illustrator please email communications@uss.co.uk.

Heather Spence | Pensions Administrator

University and College Union UCU

Carlow Street

London

NW1 7LH

020 7756 2532

hspence@ucu.org.uk

www.ucu.org.uk

 

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