Operational updates
Information for new starters
For action
Changes to USS that will affect you is a new information sheet that you can give to members joining USS between now and when the changes to USS take effect on 1 April 2019. It covers the contribution increases and the reduction of the employer match contribution to 0%, as well as other useful information for members. It’s available from the employer resource hub on the employer portal.
Read more about what the changes to USS mean for employers in Are you ready for 1 April?
Revised salary threshold for 2019/20
For action
The salary threshold for 2019/20 is expected to be £58,589.70, effective from 1 April 2019. This will be confirmed when the Pensions Increase Order is approved by Parliament in March and reflects the 2.4% increase in CPI for September 2018.
If you have members who have taken, or are considering taking, the Voluntary Salary Cap then the salary threshold is the lower limit at which they can cap their salary, you may need to consider updating your payroll. For administrative purposes only, the applicable figure used should be divisible by 12. As such, you should use £58,596 (£4,883 per month) when submitting your monthly contribution files.
Members opting out - new form added
For action
Last month we told you about a new voluntary process we’ve introduced to gather more information about employees who opt out. At the request of scheme stakeholders, including UUK and UCEA, we are looking to collect and share reporting on trends in the reasons for opt-outs. It can help inform scheme and new product design, as well as help stakeholders to understand any potential affordability issues as the cost sharing increases are implemented.
We updated the Notice to opt out of pension saving form, which members complete and submit to you, with the most common reasons for opting out. Following feedback from our clients, we've updated the Notice to withdraw from pension saving after three months form so that you can also record the reasons members are opting out after joining.
Each quarter (ending March, June, September and December) we’ll contact you and invite you to submit your employee’s opt out data.
What does this mean for employers?
We will ask you to provide details of how many members opted out and how many withdrew each quarter, for what reason and in what age bracket (from a selection provided on the form/survey).
Please start recording this information now so that you have it to hand when we ask you. We expect to send a survey for you to complete with this information. We’ve updated the expected format to reflect the inclusion of the withdrawal forms, too.
Should you have any queries, please contact Colm Mitchell, Client Insight Manager.
SMPI
For information
In mid-March we’ll be sending Statutory Money Purchase Illustrations (SMPIs) for a small number of members for whom we weren’t able to produce an annual member statement but who have benefits in USS Investment Builder. We’ll email you by early March with further information if you have any affected members.
Fund factsheets
For information
Updated USS fund factsheets are available on the employer portal and My USS for members. The factsheets are updated quarterly to reflect the latest fund performance and asset allocation.
Employer portal downtime
For information
The STU upload page of the employer portal will be unavailable from 5pm on Friday 15 February to 8.30am on Monday 18 February to facilitate essential testing. Please accept our apologies for any inconvenience