USS is a hybrid occupational pension scheme, largely governed by UK domestic law. As such, the UK leaving the EU doesn’t directly affect USS benefits and the way the scheme is run.
Defined benefit arrangements, such as the Retirement Income Builder, are based on a promise to provide a defined level of pension on retirement or death, and there is no current indication that these would be directly affected by the terms of any deal with the EU.
There is also no indication of any impact on the structure of defined contribution pensions, such as the Investment Builder. Benefits in the Investment Builder are determined by the contributions paid in by you and your employer, and how well the contributions perform when invested. The value of investments (which can go up or down) could be impacted by the markets’ response to any arrangements negotiated between the UK and the EU. This is not something we can control so we encourage you to closely monitor how your investments perform during (and immediately following) this transition period and carefully consider (and take independent financial advice where appropriate) whether you should be making any changes to your investment choices. This is not something we are able to give you any advice on, as this will depend on your personal and financial circumstances.