In our last email, we told you that the JNC has proposed a number of changes to the way you build up future benefits in USS. This is in order to address the scheme’s funding position as part of the 2020 valuation.
So, what’s next?
There will now be a statutory employer consultation with affected employees (anyone either already an active member of USS or entitled to join) and their representatives. Employers with at least 50 employees in Great Britain have a legal duty to consult on changes proposed to the scheme, and the consultation will give you the chance to give your views on the proposals.
The consultation process is planned to start in early November, and you’ll receive an email or written notice (if you’ve opted out of receiving electronic communications) from your employer before then. This will outline the proposed changes and direct you to the consultation website where you’ll be able to find more detailed information and share your views on the proposals.
For more on all of the proposed changes, you can read our last article.
By law the consultation will run for at least 60 days so you’ll have plenty to time to consider the proposals, understand what they may mean for you, and give your views. All comments submitted during that period will be considered before any decision is taken regarding whether the proposals will be implemented.
What will you need to do?
- Wait for your email or written notice with the details of the proposed changes and the details of the consultation website.
- Read more about the proposals on the consultation website. There will also be a modelling tool available which you can use to see how the proposed changes might impact your future benefits.
- Make your views heard. The website will have a login section where you’ll need your member number and National Insurance number. Once logged in, you can respond to the consultation. If you’re new to USS, and don’t have your member number yet, you’ll still be able to register on the website and leave your response. All responses will be anonymous, unless you want to give your name.