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USS Update

Sep 18th, 2018 | By | Category: News
The employer consultation on the proposed increases to member and employer contributions, and the removal of the match, to address the 2017 valuation is now live and will run until 5pm on 2 November 2018.

As explained in our recent member update, both employer and member contributions are proposed to increase (subject to any amendments from the consultation) to fund the current benefits offered to members. The first increase is proposed to take effect from 1 April 2019 and will see member contributions increase from 8% to 8.8%, followed by further increases from 1 October 2019 (to 10.4%) and 1 April 2020 (to 11.7%).

The consultation is your chance to have your say and provide feedback. The articles in this update look at what you need to do as a member and the parallel timelines of the 2017 valuation and the JEP process.

Scheme Pays deadline

If you think you may be impacted by the 2017/18 annual allowance and would like to know more about your options in USS, please refer to our annual allowance factsheet and Scheme Pays factsheet.

The deadline to complete and return the Scheme Pays election form is 15 December 2018.

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