At a glance guide to January 2015 joint proposal for reform of USS
|Employer contribution||18% (currently 16%)|
|Defined Benefit section|
|Final Salary Members||
Final salary accruals would cease as at 31 March 2016.
Benefits built up before this date will be protected.
Their value would be calculated using the existing definition of pensionable salary and service as at 31 March 2016.
|Salary link for past service||Increased annually by CPI|
|Future benefit design||CRB (Career Revalued Benefits)|
|Date of implementation of changes||1 April 2016|
|Pension accrual rate||1/75ths (currently 1/80th)|
|Lump sum accrual rate||3/75ths (currently 3/80th)|
|CRB salary threshold||£55,000|
|Indexation of CRB benefits||Annually by CPI|
|Increases in salary threshold||Annually by CPI|
|Employee contribution||8% (currently 7.5% for members of the Final Salary Section and 6.5% for members of the CRB Section)|
|Defined Contribution section|
|Employee contribution||8% on salary above the threshold of £55,000 salary|
Voluntary 1% from employee matched by employer, both above and below the threshold