The market downturn resulting from the COVID-19 pandemic has affected investments across the globe. If you have Investment Builder savings and you’re thinking about retiring in the near future, please read the following information.
What happens if you have recently received a retirement quote?
If you have recently received a retirement quote from us, you don’t have to accept it if you don’t want to. You might want to check the latest value of your Investment Builder savings before making a final decision about the retirement option you want to take, or on whether you retire at all (subject to the arrangements you have in place with your employer). Remember, you don’t have to take your Investment Builder savings at the same time as your Retirement Income Builder pension if you don’t want to. You can take your Investment Builder benefits at a later date. This will not impact your Retirement Income Builder benefits.
We recommend that you, visit the Pensions Advisory Service for free and impartial guidance.
If you have accepted the quote, we can tell you the deadline for changing your mind about which retirement option you want to take - just ask us using the contact form. Then, let us know your decision before the deadline. If you don’t reply by the deadline, we will start paying your pension shortly after it.
If you have accepted our quote and the deadline has passed, you’re just about to start getting your pension. At this stage, you can’t change your mind.
Are you close to retirement?
Your Retirement Income Builder pension is not affected by the market downturn because those benefits are protected. If you also have Investment Builder savings, these could be affected, but it depends which investments you have.
Most USS members are in the USS Default Lifestyle Option. This has a mixture of different kinds of investments, some of which will be more affected than others. If you are less than 10 years from your Target Retirement Age, your money in this Lifestyle Option will also be moving into increasingly secure investments over time.
We’re not allowed to give you financial advice, but you should be careful not to make rash decisions about your benefits. If you want someone to advise you what to do, please contact an independent financial adviser. You can find an independent retirement adviser in the government’s Money Advice Service directory. You may be charged a fee for any advice you receive.
We also recommend that you visit the Pensions Advisory Service. for free and impartial guidance on pension matters.
Published: 24 April 2020