If you’re worried about news you’ve seen regarding pensions, please be reassured that the short-term pressures being reported have not affected us in the same way as some other schemes, and our ability to pay members’ pensions remains unaffected.
The pressures reported in the media are linked to rising interest rates, but in the short term these have actually improved the funding position in the Retirement Income Builder – the defined benefit part of USS – which is secure, and protected by law and Scheme Rules.
So, if you’ve already retired, the news headlines have no connection with the Retirement Income Builder pension you receive every month nor our ability to pay it.
If you’re building your pension with us or you’ve left the scheme but kept your benefits with us, everything you’ve built up in the Retirement Income Builder remains just as secure as it always has been.
If you have savings in the Investment Builder – the defined contribution part of USS – the impact of the market volatility will vary depending on the investment option you have selected. However, we manage your funds with long-term returns in mind.
We continue to monitor the markets closely, and our in-house team of experts constantly responds to developments to make sure USS remains in a strong position to deliver pensions to our members today and for the long term.
If you want to know more about market conditions and our funding position, read our response to recent media coverage.
Published: 12 October 2022