Following the last Actuarial Valuation Report in 2014, major changes are coming to Universities Superannuation Scheme (U.S.S). The Final Salary scheme will cease from 31 March 2016. From 1 April 2016, members will accrue pension at 1/75 per year on a career average basis with automatic cash of 3/75ths. Those who are currently in the Career Average arrangement will see their 1/80 accrual change to 1/75th.
The second phase of the changes will take place in October 2016 which will see Employees earning over £55,000 threshold pay into a new defined contribution section on their earnings above that level. In addition all members have the option to pay 1% to the Defined Contributions (DC) section.
U.S.S members have recieved various e-mails about the changes to the scheme and further communications will follow in 2016. For more information please go to USS for the future; https://for the future uss.co.uk
and click on the member area. This will lead to the following area's :
* Detailed information about the changes.
* A benefit illustrator.
* A document library.
* Defined Contribution Education.
* Frequently asked questions.
* Preparation for change in April 2016.
There will be further documentation in the future on the following issues:
* Defined Contribution member campaign .
* Defined Contribution Factsheets.
* Defined Contribution Investment guide.
* Defined Contributions choices campaign.