Retirement – the start of a new life phase
Depending on your circumstances and lifestyle choices, there may be things you should think about to keep on top of your finances and future plans.
Understanding your USS membership, and the benefits you may be eligible for in retirement, could help along the way.
Help us keep in touch about your pension
Feel part of the
Help take care of your loved ones once you’re gone
Visit My USS - Your pension at your fingertips
It takes minutes to register with your member number, or you can log in to your existing My USS account and:
- View your payslips and P60s to keep track of your income
- Update your address, personal details and beneficiaries
- View and manage any Investment Builder savings
Watch our short video for an overview of My USS and what it can do for you.
Keep pension tax in mind
Your contributions won’t have been taxed while you were paying in, but they are when you receive them – like with a regular income.
It’s important to be aware of how your guaranteed income from your Retirement Income Builder savings – the defined benefit (DB) part of USS – will be taxed during retirement.
If you contributed to the Investment Builder – the defined contribution (DC) part – you’ll also need to understand how the options to flexibly access your savings pot are affected by tax.
Depending on your circumstances, there may be other tax limits for you to keep in mind.
Continue planning for the future
It’s important to think about what will happen to your pension once you’re gone, as your loved ones may be eligible to receive some of the benefits you’ve built up.
During your first five years of retirement, keep your Expression of Wish form up to date in My USS. This tells us who you’d want to receive a lump sum that may be payable when you die.
You should continue updating your Expression of Wish form after your first five years if you have savings remaining in the Investment Builder. This will tell us who you’d want those funds to be paid to.
If you’re not married and don’t have a civil partner, let us know if there’s someone you’d want to be considered to receive the equivalent of a spouse’s pension when you die. To do this, keep the Registration of potential dependant form updated in My USS throughout your retirement.
Useful for you
What are UFPLS?
You could take all or part of your DC savings as cash payments, also known as UFPLS, when you reach the minimum pension age. Watch the video to find out more.
9 May 2023
Bust the pensions jargonPlanning for your future’s tough enough without industry phrases getting in the way. Check out some of the most common.
Your Guide to My USSWatch our short video for an overview of My USS and how it helps you keep on top of your benefits and savings.