When you start work with a member employer, you will normally be automatically entered into the scheme, assuming your employment qualifies. But you do, of course, have the right to opt out.
Before deciding against being a member of USS, perhaps because you know you are only going to with your employer for a short time, this is what you would lose:
Immediate life insurance protection for your dependants – a tax-free lump sum of three times your annual salary, plus a pension for life for your partner/husband/wife
The 16% of your salary that your employer contributes for your benefit to USS every month
The chance to build up a valuable pension benefit in a ‘defined benefit’ pension scheme.
"I don’t intend to stay with this employer or join another USS participating institution"
Remember that if you do rejoin you can add to the pension you’ve already built up in the scheme.
Also if you think you’ll never rejoin and have less than 2 years’ service you can elect to receive a refund of what you’ve paid in, less statutory deductions for tax and a premium to reinstate you in the state second pension scheme.
Irrespective of the amount of service you can always opt to receive the pension from USS at retirement, or if you prefer you could transfer the full value of your benefits to another approved pension scheme in the UK and possibly overseas.
"I am from overseas and I plan to return soon. It’s not worth me joining"
This may be true, but remember, even if you plan to leave the UK, we can still pay you a pension benefit when you reach retirement age, or you might be able to transfer the full value of your benefits to another scheme in the UK or overseas.
"I can’t afford the contribution"
If cost is a concern, take a look at the Cost of contributions modeller to see what the true cost of membership is. It’s a lot less than you might think. Also, speak to the pensions contact where you work to discuss your options. You will need to sign a form if you do decide to opt-out.
"I’m too young to start a pension"
We all should know by now that this just isn’t true. The sooner you start saving the better, and remember you’re getting a big help from your employer.
"I still want to opt-out"
Please contact your employer to complete the relevant opting-out form, they will then submit this information to USS. If you have not yet paid any contributions to USS there is no further action required, if you have paid into the scheme we will process the benefits due to you and advise you accordingly.
See Leaving the scheme for details of the benefits on leaving if you are already a member and are choosing to opt-out.
If you change your mind, after opting out, you may rejoin at a later date.