Annual member statements

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99% of our active members have recently been sent a revamped and revised annual statement which goes into considerable detail on their USS benefit arrangements. This has generated very positive feedback from members and employers.

The records of a number of active members (circa 1%) with specific, often non-standard employment or pensions arrangements, require manual intervention to create detailed statements – for example, these are people who might have taken flexible retirement from the scheme, or people who might have a particular type of additional voluntary contribution arrangement.

Some of these members have had detailed information from us recently (for example, flexible retirees).

Rather than manually produce each statement in these categories, we have written to these members to let them know that they can email to request an update detailing the savings they have already built up in USS, and we will be able to provide this within 20 working days.

Where members have a DC fund, they will receive a DC statement as a matter of course, as this is a statutory requirement. USS provides every member with information relevant to their membership and complies with all statutory requirements.

In future years, we will automate more of these processes. We apologise if members have been inconvenienced by this.

Article date: 28 November 2018