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Your pension after leaving

Let's see when you can start taking your pension once you've stopped paying in

What happens to your benefits and savings?

The benefits you’ve built up so far in the Retirement Income Builder will always belong to you. And they’ll carry on going up with inflation which means the value is protected.

When you come to take your benefits they’ll be based on different things, depending on your qualifying service. This means the amount of time you were building your pension with us – plus any time you were paying in to another pension (not including a personal pension) that you transferred to us.

If you have savings in the Investment Builder, these will remain invested until you decide to take them.

You need to have left the role where you’ve been building up your USS pension before you can take it.

How long have you been paying in to USS?

Less than two years

You must take your Retirement Income Builder benefits at the Normal Pension Age (NPA).

The amount you paid in (including any amount your employer paid in for you under salary sacrifice).

You’ll also get a one-off cash lump sum of three times the annual rate of your pension.

Any Investment Builder savings and Prudential Money Purchase AVCs will remain invested.

You can carry on managing your investments in My USS, but you can’t pay any more in.

More than two years

From age 55 – but your pension will be reduced to make up for it being paid out early.

You must take your Retirement Income Builder benefits by the Normal Pension Age (NPA). Your pension won’t be reduced if it’s taken at this age.

For anything you built up before 31 March 2016: Any Final Salary value or Career Revalued Benefits (CRB) you’d built up.

And everything after 31 March 2016: The amount you’ve built up in the Retirement Income Builder. For more on how you build these benefits, see what you'll get as a member.

You’ll also get a one-off cash lump sum of three times the annual rate of your pension.

These will remain invested until you’re ready to take them.

You can carry on managing your investments in My USS, but you can’t pay any more in.

Visit taking your benefits and savings for more information.

Working past the Normal Pension Age  (NPA)

If you work past the NPA and then leave your job, you’ll need to start taking your pension right away.

Your benefits are protected against inflation

Even when you stop paying in, your pension and one-off cash lump sum will still go up with inflation (based on the Consumer Price Index) every April. This is from the date you stop paying in until the date you start taking your pension. This is subject to USS standard pension increase limits. Just so you know, we won’t lower your benefits if inflation is less than zero.

Some benefits other than your pension will stop

Once you leave, what you could get if you have to stop working because of ill health will change. And the life cover that your spouse or child would be entitled to when you die will also change.

You’ll miss out on contributions from your employer too as these will also stop.

Visit thinking of leaving and read I'm just not sure I want to carry on building my pension with USS for more information.

Got a question?

Document download

  • Notification of change in details form pdf (114kb)

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