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It’s a new year, so it’s a perfect opportunity to make planning for your retirement one of your New Year’s resolutions. A good place to begin is by reviewing your pension. Look at what you’re currently putting in and what this is expected to give you when you retire. Will it provide you with the retirement you want?

On its own, it's likely to fall short of what you’ll need.

Universities Superannuation Scheme Limited (USS), the sole corporate trustee of one of the UK’s largest pension funds, has agreed to acquire a combined 10.94% stake in Kemble Water Holdings Limited, the ultimate holding company of Thames Water Utilities Limited (Thames Water), from investors QSuper, Alberta Investment Management Corporation (AIMCo) and OPTrust. Following completion, USS will become the third largest shareholder in the company.

A valuation looks at the short and long-term financial condition of USS. It shows us how much money we have and how much we’ll need so we can pay the benefits that have been promised to our members.

What you get will depend on what you’d like to access – whether it’s your Retirement Income Builder benefits, your Investment Builder pot, or both.

This would be a matter for the Joint Negotiating Committee to consider. The trustee’s role is to protect benefits which have already been built up and to ensure that they can be paid when they fall due. The JNC is responsible for matters of benefit design.

You get life cover whilst paying in to USS. This means if you die whilst paying in, your loved ones may be able to get a lump sum of three times your salary – and a pension too.

If a member wants to take their Retirement Income benefits before the Normal Pension Age, their benefits may be reduced. We’ve listed the reductions that may apply in our guide.