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Keep your loved ones secure

Life cover gives you reassurance that your loved ones are looked after – learn about this benefit and top tips for nominating beneficiaries

While we don’t really like to think about death, we want to make sure our loved ones are taken care of should the worst happen.

You may have family members that depend on you, or loved ones that your hard earned savings should go to – and it’s important that the right people are looked after.

When paying into USS you get life cover of three times your salary as a lump sum payment and you tell us who you’d like to receive it. All you have to do is complete an Expression of Wish form to nominate who should receive the money if you die whilst paying in to USS. It doesn’t always have to be a person, it could even be a charity or any other organisation capable of receiving the money.

The money is also paid tax free, as it doesn’t form part of your estate for Inheritance Tax purposes. So those you nominate, your beneficiaries, won’t have any unexpected tax charges.

68,000 members have already completed an Expression of Wish form.

How is the lump sum payment calculated?

We use your full annual salary to calculate the amount. If you work part-time this will be the actual salary you receive, not the full-time equivalent.

As well as this, any additional savings you’ve made to the Investment Builder would also be returned to your beneficiaries*.

Nominating your beneficiaries - top tips:

  • Keep it simple and specific – name your beneficiaries and how you want the money to be split.
  • Don’t outline vague future scenarios (for example, all my future grandchildren, nieces and nephews) as this could result in confusion around how your money should be split.
  • Update it often – at least every three years or after key life events. This tells us who you want your money to go to should your circumstances ever change.

As well as this lump sum payment there’s more that could be paid to your dependents should you die – a pension will also be payable to your spouse or civil partner for life and an income to any eligible children too. Visit what happens when you die for more information.

So don’t delay – complete your Expression of Wish now to nominate your beneficiaries or change them as appropriate. Log in to My USS to complete online or download the Expression of Wish form to print and return to us.

*Not including any standard contributions you and your employer make above the salary threshold or the match from your employer.


Published: 23 May 2019