USS is a hybrid pension scheme, so it has both a defined benefit (DB) section the Retirement Income Builder and defined contribution (DC) section, the Investment Builder. Watch the video that explains how they work.
Helpful information so you can make the most of your Statutory Money Purchase Illustration Statement
Your Statutory Money Purchase Illustration (SMPI) details the savings you have in the Investment Builder – the defined contribution part of USS. It’s also an opportunity to think about any changes you’d like to make.
This statement does not give details of any benefits you may be entitled to in the Retirement Income Builder, the defined benefit part of USS. If you want more information on your benefits in the Retirement Income Builder, you can contact us to request a statement.
Resources
We’ve got lots of handy online resources to help you get the most from your statement, including a full library of articles and some back to basics videos. There’s also some FAQs at the bottom of this page which cover the most common questions.
Some key information
Use your SMPI to help plan your retirement journey
Your SMPI is a good opportunity to check where your pension savings and benefits are up to and think about how and when you want to take them.
Read more about the options you have with your benefits on our understanding your options page and the retirement checklist.
Financial advice and further information
The information included in your Annual Member Statement is given only for the purposes of illustration and doesn’t represent any promise or guarantee as to the amount of benefit that you may receive and should not be relied upon when making any retirement or other financial decisions.
Please contact your employer in the first instance if you need a retirement quote or if you think any personal information in your statement may not be complete or accurate. However, if you have a query on any of the figures referred to in your Annual Member Statement contact us.
We strongly recommend that you speak to a financial adviser before making, or refraining from making, any decision in relation to your USS benefits.
If you want to seek guidance or take financial advice on the options available to you, you can visit our guidance and financial advice page. You’ll find a range of resources to support your planning and you can also find information on how to access an independent financial adviser.
There is a wide range of helpful information on My USS and our website. You can get impartial help and information, backed by the government and free to use from MoneyHelper.
This web page summarises elements of USS. It is not a legal document and does not explain all situations or eventualities. USS is governed by a trust deed and rules and if there is any difference between this publication and the trust deed and rules the latter shall prevail. You are advised to check with your employer contact for the latest information regarding the scheme, and for any changes that may have occurred to its rules and benefits.