Operational updates
USS secures Master Trust approval
For information
USS has been confirmed as the first hybrid pension scheme to secure Master Trust approval, reflecting the high standards that are being met by the trustee running the scheme on behalf of universities and in protecting members’ benefits.
USS monthly contributions payment references
For action
We receive a significant number of payments every day. Efficient identification of the source is essential to make sure that we comply with the strict investment timescales for members’ contributions to USS Investment Builder. The monthly contribution payment reference is an important part of how we do this.
With effect from your June payroll run, please:
- Ensure that monthly contribution payments are clearly referenced using the following referencing standard:
- XXXX MCONT (where XXXX is your institution code)
- Use the specific payment reference details provided to you by USS for any additional non-contribution payment requests.
- Only contributions should be included in your XXXX MCONT monthly contribution payment.
Please let us know if you anticipate any difficulties:
- If you aren’t able to provide payment references so that we can help resolve the issues that prevent them from being used; and/or
- If you currently include ‘other’ payments with the monthly contribution payment so that we can help to resolve any issues that prevent single payments being made.
We will continue to incorporate any employer feedback and work with you to identify any future enhancements to the remittance process.
These revisions to the referencing standard help us to maintain an efficient, well controlled and auditable contributions remittance process and further enhance the end to end contributions process.
If you have any queries, or difficulties, please contact the Client Engagement team.
Backdating service and salaries over 12 months
For action
Backdating salaries
If you need to backdate a salary increase by more than 12 months, then providing it doesn’t go back before 1 April 2016, you can still notify us via the contributions interface, you can see worked examples here. If you have any queries about completing the interface please contact the Client Engagement team. Please contact the Data Reconciliation team to notify us of a salary backdated to before 1 April 2016.
Backdating service
If you need to backdate service over 12 months please contact the Data Reconciliation team. Reinstatement of service that exceeds 12 months is costed using the AVC factors.
GMP Equalisation
For information
USS has provided an update on uss.co.uk for members who may have been affected by the October 2018 High Court ruling on GMP equalisation. We’ll let them know in the next member update and you can read it here.
New! Pensions glossary
For information
Pensions is a jargon heavy industry and USS has some of its own too. To help we’ve created a Pensions glossary with commonly used industry, and USS specific, terminology. You’ll find it in the Informational documents section of the employer resource hub on the employer portal.
Voluntary salary cap for multiple appointment holders
For information
Where a member has multiple appointments but wishes to apply the Voluntary Salary Cap (VSC) they will still need to decide the overall level of their VSC but they can choose at which employer/post, and how much to cap. It does not need to be all at one, or an even split. The VSC, once applied, remains in place in the normal way.
For example, if they want to cap their salary at the threshold (currently £58,589.70), and have two posts at £40,000 per annum, the VSC could apply to one appointment, with the salary capped at £18,589.70 and no cap applied to the other employment.
If they leave the post that doesn’t have a VSC applied to the salary, then using the example above, the pensionable salary remains restricted to £18,589.70 until the following 31 March, when the VSC would be cancelled as it would be lower than the salary threshold. If they left the post to which the VSC applied, the VSC would end.
If you have any queries, please contact the Pensions Technical Enquiries team.
Member update
For action
We’ll shortly be sending you our next member update. We’ll be sending it to official and pensions contacts, please look out for it and forward it on to your members as soon possible. As always it includes important information to help your members engage with their pension benefits.
The key topic this month looks at retirement options in USS, how members can access their benefits and the flexibilities around when they can retire. Key resources that we’ll be directing members to are:
We’ll be looking at Expression of Wish, why it’s important and top tips for nominating beneficiaries, as well as a look at the gender based knowledge gap in pensions with information and resources to help fill this gap.