Changes to USS FAQ's

  • What changes are being proposed?
  • How will I know how the proposed changes will affect me?
  • How much will I have to pay under the proposed changes?
  • How much will my employer pay under the proposed changes?
  • When will my contributions increase under the proposals? When do the proposed changes come into effect?
  • Has this proposal for reform been agreed and finalised? What happens next?
  • Why take part in the statutory consultation when the changes have already been decided?
  • I earn over £55,000. How will the defined contribution (DC) section work for me?
  • How will the proposed DC section be invested?
  • What charges will apply to the proposed DC funds?
  • Is this the first step towards providing all USS benefits on a DC basis?
  • What will happen if the USS funding position improves markedly?
  • How confident are the stakeholders and the Trustee that we will not be back here in 3 years’ time?
  • Will I lose my final salary benefits?
  • What do these proposed changes mean for USS members who join the scheme after the planned implementation date of 1 April 2016?
  • Why has the scheme funding position deteriorated so much in 3 years since the last set of reforms?
  • How will these proposed changes impact on transfers into USS from other pension schemes?
  • When will more detail be available about the new hybrid scheme benefits?
  • Where can I find out further information?

Important information about the legal status of this document

This document has been prepared at the date given for illustrative purposes only, using a range of assumptions which are available on request. As such, it should not be used or relied upon by any person for any other purpose and all third parties are hereby notified the document shall not be used as a substitute for any enquiries, procedures or advice which ought to be undertaken or sought by them.

This document was based on data available to us as at the date of writing and takes no account of developments after that date. With respect to data/information on which we have relied in producing the document (including that from third parties), it is not possible for us to confirm the accuracy or completeness of such data/information. The information is based on the face value of information provided by or on behalf of third party sources and we have not verified the provenance, validity, completeness or accuracy of such information and gives no representations or warranties in respect of such matters.

Whilst it is hoped that the JNC proposal will achieve the desired results, neither the USS, Universities UK, the University and College Union, Employers Pensions Forum for Higher Education or their advisers, or the participating employers, can give any assurances as to the future financial status of the scheme and, as a result, whether any further changes will be required to the scheme at some point in the future.