If you are a beneficiary and are about to receive/already in receipt of a pension, then you might have some questions.
How will my pension be paid?
It will be paid into a UK bank or building society on the 21st of each month providing payments can be made via the BACS system (this is an automated credit transfer system used to transfer all USS monthly pension payments) If the 21st date falls on a weekend or bank holiday you will be paid on the working day prior to the 21st.
How often will I receive a payslip?
Payslips are only produced when your net monthly pension differs by £1 or more to that paid in the previous month. This is usually when your pension increase becomes payable in April each year, or when an amendment to your tax coding is processed through the payroll.
How long will it be paid for?
If you are a spouse/dependant/regisitered civil partner then your pension is payable for life. Children’s pensions are payable to age 18 or, if a child is in full-time education or training approved by USS then up to age 23.
Will my pension increase?
Yes it will. Your main section pension is reviewed annually. The increases are linked to increases in official pensions paid to public sector employees like teachers, civil servants or NHS employees. USS will match increases in official pensions for the first 5%, if official pensions increase by more than 5% then USS will pay half of the difference up to a maximum increase of 10%. So, if official pensions increased by 15% USS increases would be 10%.
Pensions from the supplementary section of USS in respect of retirement on the grounds of total incapacity or death in service are increased regularly where funds permit. So far these increases have always been in line with increases to the main section of USS but there is no guarantee that future increases will be made on this basis.
Please note:
During any periods of deflation, or negative price inflation, we will not reduce the value of your pension, but your pension may not increase.
You will be notified in writing of any increase applicable to your pension. Notifications are distributed before annual increases are processed in April each year. More information can be found in the Payment of retirement benefits booklet.
What will my dependants receive when I die?
Generally, as a beneficiary, when you die then no further benefits are paid, unless, of course, you are survived by eligible children and they still qualify to receive their payments.
Where do I go with queries?
You can contact USS with your query either by telephoning, writing or emailing. Details of how to contact us are on the contacts page.
Any queries regarding the calculation of your tax code should be addressed to:
HM Revenue & Customs
Merseyside Area
Regian House
James Street
Liverpool
L75 1AA
Telephone number: 0845 300 0627
Please quote tax office reference 428/U168 together with your National Insurance number
How do I notify changes in my details?
It is very important that you notify USS of any changes to your surname, personal details, bank or address so that your pension can be paid. There is a change of details form available which you can complete online but you must print it off and sign it before sending it to USS.
Alternatively, please confirm any change in your details to us by letter. Please ensure your pension number or national insurance number is shown and your letter is signed. Please see the contact page for our address.
Please note, as detailed in our annual pensioner newsletter, with effect from 1 April 2008 we require documentary evidence of any change to your bank account (such as a cancelled cheque or bank statement in respect of the new account) before we initiate the change. Please enclose original documentary evidence with your completed form as we are unable to accept photocopies.
We would recommend that you leave your existing bank account open until you receive written confirmation from us that we have amended our records.