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Watch the videos that answer your questions and provide more information on how we’re responding to COVID-19 and on the 2020 valuation.

We will continue to think about the long-term financial interests of the scheme and this will impact how we invest going forward. One of the specific areas to which we devote a lot of thought is the impact that climate change might have.

We have decided to disinvest from tobacco manufacturing, thermal coal mining (the mining of coal to be burned to create electricity), specifically where this makes up more than 25% of revenues, cluster munitions (a form of explosive), white phosphorus (a chemical which self-ignites on contact with air) and landmines.

Prudence is a way of managing the scheme’s risk. Under legislation, we need to incorporate prudence into the valuation.

Watch our videos to find out how changes to contributions and benefits could impact you.

Our Scheme Rules determine how benefits must be calculated and these rules link the USS Normal Pension Age to the State Pension Age. The changes to State Pension Age are determined by the government, not USS.

The Annual Allowance (AA) is the maximum amount of pension savings you can build up each year before you may incur a tax charge.

You’ll need to let HMRC know on your self-assessment tax return. You can find more information about paying your AA tax charge on the HMRC website.

Changes to USS pension benefits