The Joint Negotiating Committee’s (JNC) recommendation follows consideration of members’ and representatives’ responses to the employer consultation, which closed last month.
After taking your feedback on board, the JNC recommended to the trustee a delay to the reduction to the inflationary cap on pre and post retirement increases on benefits in the Retirement Income Builder accrued on and from 1 April 2022 up to and including 31 March 2024 and the increases to be applied to those benefits on the 1 April 2023, 1 April 2024 and 1 April 2025.
The contribution rate for members will remain at 9.8% from 1 April 2022.
The other recommendations which the JNC made to the trustee on benefit changes in August 2021 remain the same as was consulted on and aim to ensure that we can meet our funding requirements, whilst still providing you with a valuable pension for your future.
Now the JNC has come to a decision, the overall benefit changes, including the modified recommendation, will need to be considered by the USS Board, which will meet on the 28 February. If it is satisfied that there are no legal or operational impediments to implementing this further recommendation and the overall benefit changes, the USS Board will approve the execution of a deed of amendment effecting the changes and will commence a short consultation with UUK.
Watch out for the update in March
If the USS Board approves the JNC’s further recommendation and the benefit changes, we’ll send you notice of what’s changing. These changes will be implemented with effect from 1 April 2022.
We’ll send this message by email to all members that have not opted out of receiving statutory information electronically in early March. If you’ve chosen not to receive statutory emails from us, you’ll receive your hard copy in the post later in March.
If the USS Board approves the JNC’s further recommendation and the overall benefit changes, we’ll also let you know about resources that will help you to understand the changes, consider any actions that you might need to take and help you to make the most of your USS benefits, so keep an eye out for further communications.
Published: 25 February 2022