The modeller now performs the following calculations:-
• the benefits already built up at the calculation date (31 March 2011);
• a projection of the benefits at age 65;
• a projection of early retirement benefits from age 60 (incorporating the early retirement reductions for post 1 October 2011 service for non-exempt members);
• a projection of benefits based on a retirement age later than 65;
• the death-in-service benefits at the calculation date;
• an estimate of how much of the Annual Allowance is likely to used up in the current Pension Input Period; and
• the cost of buying additional service by AVCs.
Member login
There is a new feature that will make it easier for members to use the modeller. Members can follow a procedure to access a secure data file, which has been extracted from the USS database during the annual service statement process. After login the modeller will pre-populate the modeller with the information contained on the service statement. The login details needed are:-
1. Member number (printed on Service Statement)
2. First 3 characters of surname, eg. SMITH = SMI or O’BRIEN = O’B
3. 2nd, 4th and 6th characters of NI number (from payslip or other)
4. Gender
If all the data input matches the data file then they can access their details. Part of the data pulled over is the latest salary from USS records, which for most members will be as per the 31 March 2010 return. Members can over-write any information they think is incorrect or not up to date.
Members do not have to follow the login procedure. The required data can be input from the service statement. But, if a member does not use the login feature, the modeller may not correctly calculate the amount of early retirement benefits in respect of any transfers-in as the service statement does not split out pre and post 2009 transfers. A warning will appear if a member inputs any transferred-in service.
Annual Allowance check
All members will be able to carry out a basic check to see if they are likely to exceed the Annual Allowance in 2011/12.
Exclusions
The modeller is not an exact tool and is based on a series of assumptions, for example it assumes the employer has given its consent for early retirement between age 60 and 65 in respect of pre – 1 October 2011 service. It also assumes that the Norma Pension Age will increase to 66 from 1 April 2020 but no further increases are included. It also only uses the first 3 of any added years AVC contracts. It is not suitable for members:-
• already 65 or over;
• with MHO status;
• subject to a pension sharing order;
• who are absent or on suspended membership;
• with variable time employment; and
• with capped service.
Future developments
Going forward we would like members to be able to receive a flexible retirement estimate, an early retirement estimate for retirements prior to 60 and be able to receive an estimate on any unused Annual Allowances from earlier years. We will also develop the modeller so that those already over 65 are able to receive benefit estimates. Other enhancements will allow members to incorporate the value of their Money Purchase AVC funds and compare the value of their benefits with the relevant Lifetime Allowance.
Member queries
For technical problems there is the usual modeller help page. If a member thinks their data is incorrect they are encouraged to complete the update form provided with their Service Statement or alternatively to contact the person responsible for pensions at their institution. Remember, they can update any of the information.
Should you have any queries please email communications@uss.co.uk.