Why is USS changing?

The changes we’re making address the challenges highlighted in the 2017 valuation, and are intended to ensure we can safeguard the security of your pension benefits until the Joint Negotiating Committee (JNC), the group that represents USS employers (UUK) and members (UCU), can agree a way forward.

The JNC’s role is to decide how much members and employers need to pay or how benefits have to change, in response to any changes in the costs of providing USS benefits that we identify through the valuation. It’s currently discussing ways to avoid the later contribution rises as part of the 2018 valuation of USS.

USS is the biggest private pension scheme in the UK – and you’re a part of it. That means you build up guaranteed benefits for the future in the USS Retirement Income Builder and you have a range flexible options with the USS Investment Builder:

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Saving for the future

  • Your employer makes significant contributions
  • You can boost your USS Investment Builder pot with additional contributions and take your cash in a way that suits your lifestyle
  • You build income, a tax-free lump sum and savings for the future
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Value for money

  • You get tax relief on your contributions
  • Your employer covers most investment
    and administration costs
  • You benefit from USS’s economies of scale
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Peace-of-mind

  • You normally have three times your salary in life cover
  • Your loved ones could be eligible for benefits, should the worst happen
  • You can take control of how you save for the future, with My USS
Published date: 19 February 2019
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You can take control of how you save for the future, with My USS.