USS Update on Corona Virus April/May 2020

Mar 31st, 2020 | By | Category: News

COVID-19 and Valuation 2020 update

To support you, we’ve created a dedicated COVID-19 information page which contains a range of resources including how to contact us during this time, as well as FAQs and support videos.  For more information visit our website.

COVID-19 continues to have a profound effect on how we all live and work. During these challenging conditions, we’re doing our best to keep you up-to-date on how the impact of the virus is affecting your USS benefits, the steps we’re taking to ensure we remain operational and can continue to deliver services to you, and on how you can stay in touch with us.

With most of the USS team now working from home, we’re replacing the 9 April webinar that we told you about in your last member update with two short videos. Find out more about the videos and how to submit your questions, and get the latest updates on COVID-19 and the 2020 valuation on our website.

Salary threshold

The salary threshold for 2020/21 is £59,585.72. This took effect from 1 April 2020, following the employer consultation that ran from 24 January to 23 March 2020.

If you have a Voluntary Salary Cap that is lower than £59,585.72, it will automatically be increased in line with the salary threshold. You can find more information about the Voluntary Salary Cap on our website.

Lifetime Allowance and Tapered Annual Allowance limit changes

The government has set a new Lifetime Allowance limit of £1,073,100.00, which will take effect from 6 April 2020. The Lifetime Allowance is a limit on the amount of pension benefit you can receive without triggering an extra tax charge.

The government has also announced a new Tapered Annual Allowance limit, which will also take effect from 6 April 2020. This new limit may affect anyone that earns above £200,000 each year.

Find more information about pension tax on our website.

 

 

 

 

 

 

 

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