Your pension will be reviewed each April in line with our standard pension increases. Increases are linked to increases in official pensions paid to public sector employees (like teachers, civil servants or NHS employees).
For any USS benefits you earned before October 2011, we match the full increases.
For any benefits earned after October 2011 to March 2024*, we match the increases for the first 5% and pay 50% of any increase over 5%, up to a maximum increase of 10%**. This cap will continue to be applied on each annual increase date until and including 1 April 2025. So, any benefits built up between 1 October 2011 and 31 March 2024 will increase by a maximum of 10% per year.
From 1 April 2026 the annual cap will reduce to 2.5%. This means any benefits built up from 1 April 2024 will increase by a maximum of 2.5% each year.
We’ll send you a Pension Increase letter each April to confirm any increases you might receive.
During any periods of deflation, or negative inflation, we won’t reduce the value of your pension, but it won’t increase.
*From 1 April 2026, the annual 2.5% cap will also apply to benefits you’ll have built up from 1 April 2022 to 31 March 2024, replacing the 10% cap for that period.
**This cap doesn’t apply to added years AVCs under agreements dated prior to 1 October 2011.