Frequently asked questions

Q. I have misplaced/not received my statement. Where can I get another copy?

A. Statements can be accessed online by registering and/or logging in to My USS. Once logged in, select 'My documents' to view and download your latest statement (31 March 2018).

Q. Information in the statement is incorrect or missing. How can I change this?

A. If you’d like to update your personal details or query any of the figures referred to in your annual member statement, please get in touch with your employer’s pension contact in the first instance.

Alternatively, if you’d like to speak with someone at USS, please contact USS’s Member Service Desk on 0333 300 1043 (lines are open 9am - 5pm Monday – Friday) or you can write to us at Universities Superannuation Scheme Limited, Royal Liver Building, Liverpool L3 1PY.

Q. Why is the contribution I paid recently not included?

A. The statement is a valuation of your benefits up to and including 31 March 2018 only. You will be able to see your contribution transaction history by logging in to My USS, the online service for managing your USS pension.

Q. How can I find up-to-date information on my benefits?

A. For a projection of your benefits to retirement age or to see how retiring earlier/later might affect your benefits, log in to the USS benefit illustrator, with your USS member number and National Insurance number. Your USS member number can be found on your statement.

Q. Who should I contact with questions or queries?

A. In the first instance, please get in touch with your employer’s USS pensions contact, this information can be found on your statement.

If you’d like to speak with someone at USS, please contact USS’s Member Service Desk on 0333 300 1043 (lines are open 9am - 5pm Monday – Friday) or you can write to us at Universities Superannuation Scheme Limited, Royal Liver Building, Liverpool L3 1PY.

Q. How much does my employer pay into the Scheme?

A. Your employer currently pays a monthly contribution equal to 18% of your salary into your USS Retirement Income Builder, while you pay 8%.

Q. What do I need to declare on my tax return?

A. This will depend on a number of things, such as the rate of income tax you pay, any tax relief to which you’re entitled and whether you’ve exceeded the annual allowance. For more information on pensions tax, visit our pension tax page or go to gov.uk/tax-on-pension.

Q. I’ve exceeded my annual allowance – how can I use Scheme Pays? What’s the deadline for Voluntary
Scheme Pays?

A. With Scheme Pays, you can pay an annual allowance charge direct to HMRC from your USS pension.

If you apply for Scheme Pays, it will be funded through your USS Investment Builder in the first instance. If those funds are insufficient, a pension reduction will be applied to your benefits in the USS Retirement Income Builder. Should you incur an annual allowance tax charge, you should think carefully about the option to use Scheme Pays. For more information, including deadlines and terms and conditions, check out our factsheets and member guides and scroll down to Tax factsheets.

Q. My Target Retirement Age is incorrect, how do I change it?

You can only set a Target Retirement Age (TRA) if your USS Investment Builder savings are invested in either the Default or Ethical Lifestyle option (Do It For Me): Go to the ‘manage my investments form’ in My USS and select the TRA that applies to you.

Q. I don’t understand what my Target Retirement Age is.

A. Your Target Retirement Age (TRA) only applies if your USS Investment Builder savings are invested in either the Default or Ethical Lifestyle option (Do It For Me).

It’s important that you carefully consider the age you intend to retire and take your benefits from USS. Setting a TRA means your funds will automatically switch at the appropriate time in order to de-risk in time for your retirement.

Q. My statement is not showing that I have completed an Expression of Wish form but I know I have?

We recommend that you complete an Expression of Wish form every three years. You can download or print off the form here.

Q. Are benefits from both my jobs included?

Yes. If you have more than one job that entitles you to membership, the benefits from both will be combined.

Q. Are my previous USS benefits included?

Your annual member statement includes the value of all the benefits built up in USS to 31 March 2018. This includes any transfers-in and additional contributions you may have made.

Q. Why is my fund value at 2017 on my current annual member statement different to what was quoted
in my previous statement?

A. When you switch investments between funds, the amount that you switch is reflected in the figure for Total contributions made during the year. The carried forward value of your savings, to 31 March 2017, is reduced accordingly.

Q. What can I do on My USS?

A. My USS can be used by active members (members currently paying into the scheme) to manage their USS pension. Deferred members (members who are no longer building benefits in the scheme, but haven’t yet started to draw their benefits) can manage their investments.

Find out more about how you can take control of your retirement planning with My USS.

Q. Can I retire early?

A. More information relating to early retirement can be found in Appendix One of the Retirement factsheet.

Q. Why is the ‘pension age’, quoted in my most recent statement, different to that which was quoted in my previous statement?

A. The most recently issued annual member statements (31 March 2018) quote Normal Pension Age (NPA) which USS currently considers to be age 65. It normally increases in line with the State Pension age and is usually the earliest age you can receive the full amount of USS benefits you’ve earned, without a reduction for early retirement.

In the past, however, individual contracts of employment could have conferred a different, possibly lower, retirement age (but not less than age 60). So some individuals may have had the right to retire earlier than USS’s NPA.

Feedback from employers suggested that members found the whole concept of contractual pension age confusing. So for the 2018 statements, we decided to quote NPA for everyone.

Q. Why does my statement show my estimated annuity income as zero?

A. This figure won’t be shown if you’re within two years of your target retirement age, or if you have a low fund value and haven’t made any contributions to it this year. But details of what benefits your savings will give you on retirement will be provided to you when you come to take your benefits.

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Your statement overview

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Information & resources

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Assumptions