Member webinar

Your contributions and Retirement Income Builder benefits are not expected to be impacted by COVID-19. If you have Investment Builder savings, you may see some fluctuations in investment performance due to stock market volatility. Find out more about COVID-19 and the impact to your pension on our dedicated support pages.

The long-term impact of COVID-19 is uncertain, but whilst stock market fluctuations impact the funding level of the scheme, it does not affect the trustee’s ability to pay the pensions in the Retirement Income Builder that have already been promised to members. Find out more about COVID-19 and the impact to your pension on our dedicated support pages.

Mirko Cardinale, USS Investment Management’s Head of Investment Strategy and Advice, took a look at this question in a blog we published in May.

In principle, yes. The 2020 valuation will be the third time the trustee has held a valuation in four years. The law only stipulates that valuations must be held at least every three years.

We have addressed the facts surrounding changes to the contribution rates required over time in a comprehensive note on our valuation pages.

Information on the proposed pari passu arrangements is provided in the Discussion Document we published in March and in the materials provided in support of a consultation with sponsoring employers.

Information on the Scheme’s administrative and investment costs is provided in this year’s Report and Accounts.

Long-term trends and influences – including better life expectancy, greater regulation, volatile financial markets and persistently low ‘real’ interest rates – had already combined to make the promise of an inflation-protected income for life in retirement more expensive, before COVID-19.

We are working with our stakeholders, UUK and UCU, to address these challenges through the 2020 valuation.

We’re not able to provide advice to members. However, we are looking to run guidance webinars in the future to help you to manage your pension and understand your retirement options. In the meantime there’s useful information about your pension benefits available in our members section and you can find some handy member videos in our help & support section. You can also manage your pension and options in My USS.

There’s a number of ways you’re able to take retirement and we have lots of useful information about your options on our thinking about your future section. We cover things such as the different types of retirement and ways to maximise your pension, plus have some handy member videos and helpful tools. If you need more help with understanding your retirement options please use the make an enquiry form on My USS.

Once logged in, you’ll be able to view any savings you have in the Investment Builder, top up your Investment Builder savings with additional contributions, view your latest Annual Member Statement and use our online tool. Find out more about how to manage your benefits in My USS.

We’re pleased to tell you that we’re currently working on a new website that has been designed with you in mind – we’ve overhauled the navigation so it’s easier for you to find the information you’re looking for, and we’ve enhanced functionality within My USS. We hope to be able to go live with the new website in the coming months.

Long-term financial factors have always been paramount to investment decision-making as that is the legal basis on which USS Investment Management (USSIM) is required to operate. As a long-term investor, USSIM fully recognises the importance of meeting its duties to USS and its place in society as a responsible investor. Earlier this year, it announced its first-ever divestments policy. You can read more on our website about this announcement, as well as the factors that USSIM has to take into account.

Over the five years to 31 March 2020, the assets of the DB section of the fund grew by £17 billion to £66.5bn, an investment return of 6.19% per annum. Over the 10 years to 31 March 2020, the assets of the DB section of the fund grew by £37 billion. Investment returns over this period averaged 8.05% pa.

This information is in the remuneration section of this year’s Report and Accounts.