From 1 April 2016, the benefits provided by Universities Superannuation Scheme are changing, as are the contribution levels payable by employers and members.
Since 2011 the scheme has reported a substantial deficit and, following a review of scheme funding, the trustee confirmed that substantially increased contributions would be required to continue to provide the existing arrangements.
As a result in January this year the employer and member representatives put forward a joint proposal which involves employer contributions increasing to 18% of salaries, alongside changes to the benefits provided by USS and increases in member contributions to 8% of salary.
Employers formally consulted people affected by these changes between 16 March and 22 May 2015.
USS seminar recording
Thank you to all colleagues who attended the recent seminars by USS about the changes to their pension. An Echo 360 recording of the session is available to watch online. The USS seminar slides are available for you to download and view.
The following documents provide further detail on what these changes will be and how they will affect you, please read them carefully.
- Changes to USS - an update
- USS Scheme Changes (Headlines)
- Transfers in: November 2015 changes for Final Salary members
- AVCs: November 2015 changes for Final Salary members