I’m retired

What does the COVID-19 pandemic mean to my pension?

The most important points are:

  • Pensions will continue to be paid throughout this period
  • Benefits built up in the Retirement Income Builder are protected by law and by the strength of the employers of the higher education sector in the UK
  • We’re actively monitoring the performance of our investments
  • We’re fully operational and are prioritising key activity

Will the COVID-19 outbreak affect my pension?

Your Retirement Income Builder benefits will not be impacted by COVID-19. If you have still Investment Builder savings, you may see some fluctuations to your investment performance due to stock market volatility, but we are monitoring this.

If USS has to close due to COVID-19, will my pension still be paid?

Yes. Even if we have to close the office your pension payments will still be made. We have technology in place, so our teams will still be able to deal with business-critical processes. In line with government advice and because the wellbeing of our employees is a priority for us, wherever possible, our employees have been working from home from Tuesday 17 March 2020. We have also introduced staggered work schedules, social distancing and additional safety and cleaning steps to protect those employees that do need to work from office locations.

I still have investments in the Investment Builder, how are they affected?

Some retired members still have savings in the Investment Builder. If you are in this situation and you want to know the latest value of your investments or make any changes, please contact us using the contact form.

What can USS do for my loved ones?

USS could provide valuable benefits to your family or other dependants, when you die: your spouse or civil partner could receive a dependant’s pension for life and any eligible children may also receive an income. If you want to register a dependant, simply complete and return the Registration of Potential Dependant form.

You can find out more about life cover in the factsheet in the resources section of the website, where you’ll also find the Registration of Potential Dependant form. At the moment, due to social distancing advice, you don’t need someone to witness your signature on the form, but we may contact you in the future to arrange for this.

Given the uncertainty around COVID-19, these answers are subject to change and may be updated as appropriate when more information becomes available. Information provided in this content is correct to the best of our knowledge at the time of publishing. This publication is for general guidance only. It is not a legal document and does not explain all situations or eventualities and should not be relied upon by you. It is not intended to be and should not be construed as advice.

Published 29/04/2020