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?
It will be paid for the rest of your life. Pensions to eligible children however cease at age 18, or 23 if they remain in education or on an approved training course.
Will my pension increase?
Yes it will. Your pension is reviewed annually and increased in the same way as public sector pensions, called ‘official pensions’. This increase applies to pensions for surviving spouses, dependants and eligible children.
'Official pensions' are those for public sector employers like the NHS, Police, Civil Service etc and these pensions are increased in line with increase to price inflation over the 12 month period to 30th September in the year before the increase is applied.
The annual increase, prescribed by the government and usually effective each April, reflects the changes in line with official pensions over the 12 months up to the previous September.
From October 2011, for any pension earned on service built up after 30 September 2011 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%. So, if you had a pension based on service before 1 October 2011 then that part of your pension would increase fully in line with official pensions, it is only the pension based on service since 1 October 2011 that has the pension increases limited.
Pensions from the supplementary section of USS in respect of death in service benefits are increased regularly where funds permit. So far these increases have always been in line with full price inflation 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 Retirement 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 void 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.