USS has two sections - the Final Salary section and the Career Revalued Benefits section. Both sections are 'defined benefit' which means the benefit you recieve is worked out using a known formula.
Final Salary section
The Final Salary section provides benefits based upon your service and final pensionable salary when you leave or retire. Benefits are calculated using the following formula:
More information about this section can be found here in the Final Salary section of the website.
Career Revalued Benefits section
The Career Revalued Benefits section provides benefits based upon your salary for each year that you are a member. At the end of each scheme year in which you have been a member, benefits are calculated using the following formula:
This is added to any previous years’ benefits, and each year your benefits are revalued until you retire.
More information about this section of USS can be found here in the Career Revalued Benefits section of the website.
Which section am I eligible for?
I am new to USS
If you join USS and you have not been a member previously, you will be eligible for the Career Revalued Benefits section.
I have been a USS member previously
If you rejoin USS on or after 1 October 2011 you would be eligible to rejoin the Final Salary section if you:
- left before 1 October 2011 and have deferred benefits in USS and are rejoining before 1 April 2014; or
- left the Final Salary section after 30 September 2011 and rejoin the scheme within 30 months of leaving.
Otherwise you will join the Career Revalued Benefits section.
Use the chart below to work out which section of the scheme you are eligible to join. Please note that the chart is to be used as a guide only and final confirmation will be provided to your employer once you have joined the scheme.
When you commence employment, if you have been a USS member before but your employer initially is unable to confirm your entitlement to rejoin the Final Salary section, you will automatically be put into the Career Revalued Benefits section pending confirmation from USS as to which section you are eligible to join.
As the contribution rate for the Career Revalued Benefits section is lower than for the Final Salary section, if it is confirmed that you are able to join the Final Salary section, your employer will make an adjustment to recover the additional 1% contribution due.
Promotion
Receiving a promotion normally has no affect on your pension.
However, if your employer provides different pension arrangements for academic or comparable staff and support staff and you are promoted to a grade eligible for USS, then you will have to leave your existing scheme but will be able to join USS if you wish. You may be aware that there are two sections of USS. Until 1 October 2013, if you are promoted and therefore must join USS you will join the final salary section of the scheme. See the ‘Life events’ section for more information under ‘Getting a new job’.
Guide for Members
If you join USS, you will recieve a copy of the appropriate Guide for members and a membership certificate to keep for your records. Copies of the guide can be found below:
Final Salary Section Guide for Members
Career Revalued Benefits Section for Members