This modeller can be used if you are actively contributing to the scheme, in conjunction with your service statement or using a calculation date of your choice. If you have with you your Service Statement, with a date of 31 March 2011 or later, you can login to run the modeller without having to input your data. It shows you what pension you have built up to the calculation date and what you will have at your chosen retirement age. It also shows the tax-free cash sum, death in service lump sum benefit and spouse's pension in the event of your death.
The government introduced changes to restrict the tax relief available to members of registered pension schemes. The proposals came into force from April 2011. The changes impact members with long service and higher than average salaries. One of the changes is a reduction to what's called the Annual Allowance. The modeller will give you an indication of how close you are to exceeding the Annual Allowance. For more details on the tax allowances since April 2011 click here.
The modeller incorporates changes made to the scheme in October 2011.
If you are experiencing with the modeller please see our
help page or contact our
webmaster if you can not find the solution. To verify that you have the latest version of Java installed on your machine visit
http://java.com/en/download/installed.jsp.
Exclusions
The modeller is not designed to deal with the more complex pension histories or unusual personal circumstances and therefore, will not be appropriate for some categories of member. These include members who:
• Are Mental Health Officers
• Are absent or whose membership is suspended at the service statement date
• Are variable time employees
• Are in the process of applying for ill-health retirement,
• Are subject to a pension sharing order or have earmarked benefits.
If you are affected by these exclusions, please refer to USS.
Please note the following:
The modeller is intended as a general guide only and is based on current rules. If you would like specific guidance or are approaching retirement and need a full quotation, please speak to the pension contact at your institution.
If you select a retirement date earlier than age 65, the modeller will produce a result based on the assumption that early retirement is with the consent of your employer. Please note factors used may change over time.
If you intend to retire without the consent of your employer, please obtain a quotation from USS.
If you are part-time, the benefit modeller is only able to project future service using your current part-time service fraction. If your part-time service fraction is subject to change, please request a quotation from USS. All benefits are subject to Inland Revenue limits at the time of payment. Please note that this may affect you if your salary is in excess of the earnings cap.
If you have transferred benefits in to USS from another pension arrangement these benefits may be reduced early if you retire early.
If the transfer was agreed after 1 April 2009, the benefits transferred-in will be reduced if you draw those benefits before age 65. The modeller can only calculate this reduction if you login, rather than entering the data manually. If the transfer was agreed before April 2009 benefits may be reduced if you retire before age 60 and the transfer value was received within 7 years of your early retirement. Full details are available in the transfer to USS factsheet.
If you are experiencing technical problems with the modeller please see our help page or contact our webmaster if you cannot find the solution.