Everything you need to know about your benefits and savings after leaving
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 in line with official pensions 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.
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 increase every April. This is based on increases in official pensions, which currently go up in line with inflation. This is from the date you stop paying in until the date you start taking your pension and is subject to USS standard pension increase limits.
Just so you know, we won’t lower your benefits if inflation is less than zero.
Remember - the benefits you’ve built up are also protected by law and the Scheme Rules. If there are any changes to USS in the future, it won’t affect what you’ve already built up.
Some benefits other than your pension will change
Once you leave, some of your benefits will change:
if you have to retire because of ill health, you’ll only get the pension and lump sum you’ve built up without any enhancements
if you die (and have been paying in for two or more years), the pension for your spouse or child won’t be enhanced and your life cover will be based on three times the pension you’ve built up, rather than three times your salary
contributions from your employer will 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.
You can find the value of your benefits at your date of leaving in My USS or on your leaver statement. Enter these into the Deferred Pension Increase Modeller to see what they could be when you reach the Normal Pension Age.
If you’ve stopped paying in but you’re still with a USS employer, please speak to them directly.
If you’ve stopped paying in and left your USS employer, but you haven’t started taking your benefits yet, call our Leaver Team on 0151 556 0626.
If you’ve stopped paying in and want to transfer out, call our Transfers Out Team on 0151 556 0626.
If you’ve stopped paying in and now want to start taking your benefits, call our Deferred Retirement Team on 0151 556 0626.
Yes – you can still do this in My USS. But you can’t make any more additional contributions.
You just need to complete and return the Transfer out option form. Once we receive the form, we’ll aim to send you all the information you need within three weeks.
Remember that what you can transfer out depends on whether you’re still paying in to USS, you’ve already stopped, or you’re retired.
Log in to My USS to complete the Registration of potential dependant form online or download the Registration of potential dependant form to print and return to us. We recommend that you update this at least every three years so we know it’s up to date, even if your wishes haven’t changed.
Log in to My USS to complete the Expression of Wish form online or download the Expression of Wish form to print and return to us. We recommend that you update this at least every three years so we know it’s up to date, even if your wishes haven’t changed.