General
Frequently asked questions
General
Additional contributions can only be made to the Investment Builder.
You can set these up in My USS. Visit our Investment Builder page for more on how this part of USS works.
The Investment Builder – the defined contribution (DC) part of USS – lets you save a bit extra. You can make additional contributions in My USS, which will go into your Investment Builder pot. These can be regular contributions or a one-off payment. You can use the calculator tools in My USS to estimate the costs and benefits of saving more.
There may be limits on the amount of savings you can make into the Investment Builder, such as the Annual Allowance, before tax charges apply. Visit our Investment Builder page for more information.
You’ll find this information on your Prudential annual statement. You can also visit the Prudential site or contact Prudential directly. See more on our MPAVCs page.
For a small number of our members we need to carry out additional checks and calculations on their benefits and therefore can’t produce an automatic statement. But rest assured that you continue to build up benefits in USS and this doesn’t affect your benefits.
You can use our online tools to work out what your pension could be and consider your options. If you require any further information you can contact us at any time.
As well as your savings in the Retirement Income Builder (defined benefit), a contribution equal to 20% of your salary over the salary threshold will go into your Investment Builder (defined contribution) pot. Use the Benefit Calculator in My USS to find out more.
You can begin taking savings from your Investment Builder (defined contribution) pot anytime from age 55 (rising to 57 in 2028 for certain members) in a number of different ways, depending on your future plans. One option is to take cash payments, otherwise known as UFPLS.
With USS, you can take up to four cash payments each year from your Investment Builder pot (minimum £2,000 each, unless you are taking your entire pot). There is no charge for cash payments with USS.
Read more in our Taking cash from your Investment Builder pot (UFPLS) factsheet.
The Match is one way to make additional contributions to save more – you can choose to pay an additional 1% of your salary every month to the Investment Builder. If you paid The Match between October 2016 and March 2019, you would have received an extra 1% contribution from your employer too. But from 1 April 2019, the employer element of The Match was removed. You can still choose, or may still have, The Match. But your employer will no longer match the 1%.
If you want to seek guidance or take financial advice on the options available to you, visit the guidance and financial advice page. You’ll find a range of resources including a number of free webinars to register for or watch on-demand to support your planning and you can also find information on how to access an independent financial adviser.