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If you’re 55 or over, you can start taking your Investment Builder savings (or any other defined contribution pot you may have) flexibly. HMRC introduced a limit to stop these savings from being taken out and then repaid into another pension scheme for extra tax relief. This limit is known as the Money Purchase Annual Allowance (MPAA).

If you leave the scheme after 6 October 2020 with less than two years’ service and it is before you’ve reached age 66, you may be eligible for a refund of your contributions.

2020 has been a year of uncertainty in many ways, but one thing that remains certain is our commitment to our members.

We know that it’s important for you to have options when it comes to accessing your retirement savings.

We launched the Investment Builder, the defined contribution part of USS, in October 2016. Five years on, we look at five key facts that are helping you to prepare for your future in a way that fits in with your values and beliefs.

See what you can do to protect your benefits from a Lump Sum Allowance and Lump Sum and Death Benefit charge.

Essential details of how the scheme works and what it means to be a member

As we enter the new year, it’s a great time to review your finances and make sure your retirement income supports your plans for the year ahead.