Consultation glossary 

A person who is in a description or category of employment which entitles that person to membership of the scheme and who is in a period of such employment which entitles that person to accrue benefits under the scheme.

A reduction made to a member's accrued benefits in order to reflect any additional cost arising from their payment in advance of normal pension age.

A specific term which relates to the legal rules regarding consultation. An affected member is a person who is an active, or prospective, member of the scheme who may be affected by the changes that are proposed to be made.

A type of defined benefit where benefits are based on average pay over the whole period of membership, with each year's pay revalued in line with an index.

Please note that the proposed new benefit section of the scheme is designed to provide defined benefits that are similar to those provided under a CARE formula.

A contractual pension age is a term or condition of employment which confers a right to retire from an age which is earlier than would otherwise be the case under the scheme rules , and reflects a provision that is contained within a proportion of contracts of employment which are held by USS active members. USS asks institutions to specify whether a member has a contractual pension age that is earlier than age 65 (if one exists, it is normally age 60), and this information is displayed on the service statements that are issued by USS on an annual basis.

This was introduced by the Age Discrimination Regulations, and prevents employers compulsorily retiring employees before they reach age 65. The Government has announced its intention to abolish this concept.

The benefits awarded to a member of a defined benefit scheme who has left service early.

Additional contribution to the fund to meet the funding deficit over the relevant period.

A new concept which was made possible by Revenue changes to the rules governing pension scheme in 2006. The principle is that members can be permitted to draw a proportion of their accrued pension rights, whilst continuing to work fewer hours, and continuing to earn future pension rights. Employer consent will be required in order to access the flexible retirement arrangements.

The amount by which the pension fund falls short of the amount required to provide for the scheme benefits that have accrued to date.

A committee which is formed under the rules of USS, which is involved in decisions regarding changes to the terms of the scheme. The JNC is made up of five representatives of the employers (nominated by Universities UK), five representatives of the members (nominated by the University and College Union), and an independent chairman.

Is the earliest age at which a member has the right to draw benefits from the scheme without actuarial reduction (in the absence of special circumstances such as incapacity). Under the proposals, all members will have a different normal pension age for pre and post April 2011 service (it will be age 65 for service from April 2011), except for those age 55 or over as at 1 April 2011.

A fund set up by the Government to provide benefits to members of defined benefit schemes whose sponsoring employers become insolvent and which have insufficient assets to pay benefits.

An independent body responsible for the regulation of work-based pension schemes in the UK with key objectives of protecting the interests of scheme members, the promotion of good administration and reducing the risk of claims on the Pension Protection Fund.

It has a wide range of powers and monitors the ongoing funding position of occupational pension schemes.

Age 50, in the case of a member who was a member of the scheme on 5 April 2006 and whose USS eligible employment is terminated after 5 April 2010, when he/she is aged 50 or over, by reason of redundancy. Such a member is entitled to retire on benefits under the scheme, without actuarial reduction for early payment.

This term includes representatives of an independent trade union recognised by the employer and any elected or appointed information and consultation representatives.

This is the earliest age from which you can take your state pension, depending upon your date of birth. Originally, under the timetable - set in 2007 - the state pension age was due to rise to 66 by 2026, to 67 by 2036 and to 68 by 2046. However, the Government has recently reviewed this and announced in the comprehensive spending review an intention to accelerate the proposed increase in state pension age to 66 by 2020.

Is the board of the company that is the corporate trustee of USS. Members of the USS trustee board are effectively the trustees of the scheme. The Board is made up of four members nominated by Universities UK, three members nominated by the University and College Union, one member nominated by the Higher Education Funding Councils, and four independent (or co-opted) members.