USS|Member news and updates
Welcome to USS member news. Below you will find the latest news and updates containing important information relating to your USS membership.
As previously communicated, we have made some changes to the Money Purchase AVCs (MPAVC) arrangement with Prudential.
The government has plans to reduce the Money Purchase Annual Allowance (“MPAA”) from £10,000 per annum to £4,000 per annum from April 2017. While the proposed reduction is subject to a consultation and confirmation in regulations due in 2017, we’ve set out below a reminder of when the MPAA is triggered.
Maximising your pension
The process for members to transfer into USS has changed and, from 1 October 2016, members have been able to transfer benefits into the USS Investment Builder.
The Government introduced the new state pension from 6 April 2016 and this was combined with the end of the system of contracting-out of the state second pension.
Annual allowance scheme pays election
From 20 May 2016, USS have ceased to accept applications to investigate non-club transfers into the USS Retirement Income Builder.
The USS Retirement Income Builder is the new way you can save for your retirement, providing you with greater confidence and security for your future.
Changes to lifetime and annual allowances have been confirmed by HM Revenue & Customs.
Changes to USS scheme benefits that are due to be introduced from 1 April 2016 mean that there are some specific timeframes to bear in mind if you need to request a retirement quote.