RETIREMENT
FINAL SALARY SECTION
Retirement
This factsheet sets out the circumstances under which you may retire
and receive a pension from USS.
From what age can I receive my
retirement benefits from USS?
Under what circumstances can I retire?
There are a number of circumstances in which you may be
eligible to receive your retirement benefits.
The normal pension age (NPA) in USS is currently 65.
These are:
Unless you are retiring due to incapacity, the earliest
age you will be able to access your pension will be
55. This affects most pension schemes in the UK,
including USS.
Normal retirement
There are exceptions to this:
• If you are aged 50 or more, with five or more years’
service and are made redundant and you have been
paying into USS continuously since 5 April 2006, you
will be entitled to access your pension from
age 50.
• If you left the scheme on or before 5 April 2006, aged
50 or more, with five or more years’ service and either
left at the request of the employer or were made
redundant, you can receive your pension from
age 50.
If you meet one of the above criteria, you are described
as having a ‘Protected Pension Age’. Please note
these exceptions only apply if you have been made
redundant as defined in the rules of USS.
Please note that from 1 October 2014, if you are made
redundant you will still be able to access your pension.
However, it could be less as it may be reduced for its
earlier and therefore longer payment.
This is when you retire at the scheme’s NPA. The NPA is
currently 65, however it will increase in line with increases
to state pension ages for men and women. If/when the
NPA increases in future, the higher NPA will only apply to
benefits built up after any change.
You do not need the consent of your employer or of
Universities Superannuation Scheme Ltd (the Trustee
Company) to retire and receive your benefits at your NPA.
You will receive a pension of 1/80th of your pensionable
salary (calculated at the date of your retirement) for each
year of pensionable service. In addition, you will receive
a tax-free lump sum equal to three times your annual
pension. You also have the option to take more or less
tax-free cash (subject to an upper limit) and a
correspondingly lower or higher annual pension.
Early retirement
If you are age 55 or over and have pensionable service
(at its calendar length) of at least five years in aggregate,
you may retire before the scheme’s NPA in the following
circumstances:
•you choose to retire (in this instance you only require two
years’ service to qualify); or
• you are made redundant; or
•your employer consents to your retirement in the
interests of the efficient exercise of the institution’s
functions; or
•your employer consents to your retirement after you
have reached age 60; or
•you elect to take flexible retirement with your employer’s
consent from age 55.
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Under what circumstances can I retire?
(continued)
As mentioned on the previous page, in the case of
redundancy you may be able to retire from age 50 onwards,
but only if you have been in continuous membership since
5 April 2006.
If you retire early, at least part of your pension may be
reduced for the earlier and therefore longer payment. The
way in which these early retirement reductions work is
explained in the section ‘How much will my pension be?’
If your benefits are in deferred status (in other words you
leave the scheme but are not old enough to draw your
pension at the point you left), you may ask for them to be
paid from age 55 (50 in some cases as described in the
introductory paragraph to this section). Your benefits may
be subject to reduction for early payment.
Please see the ‘Options on leaving’
factsheet at www.uss.co.uk
Flexible retirement
Under the flexible retirement system, you could draw up
to 80% of your benefits whilst remaining in employment,
albeit you would be required to reduce your hours and
salary by at least 20%.
Please see the ‘Flexible retirement’
factsheet at www.uss.co.uk
Late retirement
You may remain in service after the Scheme’s NPA.
If you cease contributions at your NPA, on your retirement
you will receive a pension and lump sum calculated
using your pensionable service accrued to NPA and your
pensionable salary at your actual date of late retirement,
increased by 0.5% for each complete month from your NPA
to your actual date of retirement.
If you choose to continue contributions then, in addition
to the above increase to benefits at your NPA, you will
continue to build up further benefits in USS based on the
additional pensionable service and pensionable salary
when you eventually retire. In any case, you must draw
your benefits before age 75.
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How much will my pension be?
Normal retirement
If you retire at the scheme’s NPA, this will simply be your
full pension based on your total pensionable service and
pensionable salary at the point you retire.
How does it work?
So, if you had 35 years’ pensionable service and your
final pensionable salary was £40,000, your standard
benefits would be:
Pension of 35 X 1/80 X £40,000 a year = £17,500 a year
Plus
Tax-free cash sum of 3 X £17,500 = £52,500
These are your standard benefits; in all cases of retirement,
you can elect to receive more tax-free cash and a lower
pension, or vice-versa.
Early retirement
This is far more complex and depends on your age
when you retire, but also the reason for retirement.
There are two exceptions to the general early retirement
terms for members age 55 or more on 1 October 2011
(exempt members) and redundancies occurring before
1 October 2014.
Members age 55 or over on 1 October 2011
If you were 55 or over on 1 October 2011 and a member
of USS as at 30 September 2011, then you may be able to
draw your full unreduced pension from age 60 onwards, so
long as you have the consent of your employer.
Any pension will be based on the total pensionable service
and pensionable salary at the date of retirement.
Exceptionally, in this situation, where your employer
does not consent to your early retirement1, if you have been
in active membership for at least five years in aggregate and
are age 60 or over, you can receive an immediate pension.
However, part of your pension may be reduced by an ERF
determined on actuarial advice. Further details of this
calculation can be obtained from the Trustee Company.
Early retirement at the instance of your employer
If your employment is terminated in the interests of
the efficient exercise of the institution’s functions2, as
determined by your employer, and you meet the age and
minimum pensionable service criteria, and your employer
consents to the payment of your benefits, they will be
based on your pensionable service and salary at the date
of retirement and will not be reduced for early payment.
1
2
Although consent is not to be unreasonably withheld
Unless your employer had good cause to dismiss you
Redundancy before 1 October 2014
If you are made redundant and meet the age and minimum
pensionable service criteria, you can access your pension.
This provision would not apply if your employer had good
cause to dismiss you.
In the case of redundancy before 1 October 2014, you can
receive an immediate unreduced pension and lump sum
based on your pensionable service at the date of your
retirement but this provision only applies for redundancies
before 1 October 2014.
From 1 October 2014, you will still be able to access your
pension but it may be less as it may be reduced for its
earlier and therefore longer payment. It is reduced by a
factor called the Early Retirement Factor (ERF), which
is determined from time to time by the scheme’s
actuarial advisers.
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All other members
The way in which the early retirement factors are applied is complex, partly due to historic sex equality legislation but also due
to changes in the scheme rules. For service before 1 October 2011, it also depends on what your contract of employment states
as at 30 September 2011 is the earliest age you can retire, i.e 60, 65 or later, or something in between 60 and 65. Please note,
from age 60 and with over five years pensionable service, if your employer consents, you can receive pre-October 2011 benefits
without reduction for early retirement.
Because of the sex equality issues, the application of the early retirement factors differs between men and women in respect
of service before 17 May 1990. The way in which these reductions apply for cases of early retirements is as follows:
Please note, the treatment of benefits transferred-in is explained on page 7.
Retirement from age 60
Contract of employment as at 30 September 2011 states age 60.
Service period
Reduction for each year and part year before age...
Male
Female
Pre 1 October 2011
No reduction
No reduction
Post 30 September 2011
653
653
Contract of employment states age 65.
Service period
Reduction for each year and part year before age...
Male
Female
Pre 17 May 1990
654
604
17 May 1990 to 31 March 1995
604
604
1 April 1995 to 30 September 2011
63.54
63.54
Post 30 September 2011
653
653
Retirement before age 60 (earliest retirement age 55)
Contract of employment states age 60.
Service period
Reduction for each year and part year before age...
Male
Female
Pre 1 October 2011
60
60
Post 30 September 2011
65
655
5
Contract of employment states age 65.
Service period
Reduction for each year and part year before age...
Male
Female
Pre 17 May 1990
65
60
17 May 1990 to 31 March 1995
60
60
1 April 1995 to 30 September 2011
63.5
63.5
Post 30 September 2011
656
656
I f a member of USS as at 30 September 2011 and 55 or more on 1 October 2011 and the employer consents, then no early retirement reduction applies.
If your employer consents to retirement from age 60 then pre 1 October 2011 benefits are paid without reduction.
Exempt members will have early retirement reductions applied for each year before age 60.
6
Exempt members will have early retirement reductions applied for each year before age 631/2.
3
4
5
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How does this work?
The following example illustrates the effect of early retirement reductions.
Example 1 – Retirement at age 58
This example is based on a member with 30 years and 184 days service, final pensionable salary of £40,000 a year and the
member’s Contractual Pension Age is 65.
First of all, we need to work out all the service splits/tranches to assess the early retirement factor:
1. Service before 17/5/1990
2. Service between 17/5/1990 and 31/3/1995
3. Service between 31/3/1995 and 30/9/2011
4. Service after 30/9/2011
= 8 years 17 days
= 4 years 319 days
= 16 years 184 days
= 1 year 29 days
Then we can work out the early retirement pension as follows:
Calculation
Male
Female
1
(8y 17d x 1/80 x £40,000) x ERF*
£4,023 x 0.729 = £2,933
£4,023 x 0.914 = £3,677
2
(4y 319d x 1/80 x £40,000) x ERF*
£2,437 x 0.908 = £2,212
£2,437 x 0.914 = £2,227
3
(16y 184d x 1/80 x £40,000) x ERF*
£8,252 x 0.7765 = £6,407
£8,252 x 0.789 = £6,510
4
(1y 29d x 1/80 x £40,000) x ERF*
£540 x 0.729 = £394
£540 x 0.743 = £401
Total Pension
£11,946 a year
£12,815 a year
*ERF = Early Retirement Factor
Please remember, in addition to the annual pension, the standard tax-free cash sum is 3 x the value of the early retirement
pension (3 x £11,946 for the male member in the example above).
The total pension before the application of the Early Retirement Factors was £15,252 a year.
As you can see, the calculation is not straightforward. You should speak to the pensions contact at your institution who
can arrange a quotation for you.
Enhancement of benefits
Your employer has the option to purchase additional years of pensionable service in order to increase the value of
your benefits.
Your employer must decide whether you should receive enhancement and if so, how much. You should contact your employer
if you require further information as to whether you would be eligible.
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Pensionable service bought by AVCs
If you retire before you have completed the term of your monthly AVC contract, i.e. up to your proposed retirement date
(normally age 65), you will be credited with a proportion of the service which you contracted to buy, as follows:
for which AVCs
÷
( period
were actually paid
period for which AVCs would have been
payable until proposed retirement date
service that would have been
) x pensionable
bought by proposed retirement date
How does this work?
So, if you were purchasing 5 years’ service with regular monthly contributions over a 20-year period to age 65, the
pro-rata reduction if you retired 5 years before age 65 would be:
15 yrs
x 5 years = 3 years and 274 days’ service
20 yrs
If you bought additional pensionable service by lump sum AVC and retire before the proposed retirement date, you will
be credited with the full amount of pensionable service, unless the lump sum AVC was paid less than 12 months
before retirement.
Additionally, the benefits will be reduced by an Early Retirement Factor based on the number of years you are retiring earlier
than the age stipulated in the Added Years contract. This early retirement reduction does not apply to monthly Added Years
AVC contracts that started before April 2006 if you are retiring:
•because of redundancy before 1 October 2014; or
•you are retiring from age 60 with your employer’s consent.
Please note that service derived from an AVC commencing on or after 1 April 2006 does not count towards determining 40
years service when normal contributions cease.
Money Purchase AVCs
If you have contributed to the Money Purchase AVC,
invested with Prudential, you will have a number of options
when you retire.
You can use the fund to buy a pension (annuity) from
Prudential, or you could buy an annuity from another
provider under the ‘open market’ option.
Additionally, you may be able to convert your Money
Purchase AVC fund to USS service at the point of retirement.
This service would provide you with additional USS pension
and lump sum. The additional USS pension would be
payable for your life, would continue to your spouse/civil
partner/dependant on your death at the rate of
50%, and would increase in payment in line with the
increase in official pensions (pensions for public sector
schemes like Civil Service, teaching etc). You can obtain
more details on this option from the pensions administrator
at your institution.
You can also get a quotation from the
‘Prudential Conversion Tool’ on the
USS website at www.uss.co.uk
Importantly, since 6 April 2006, your Money Purchase AVC
fund can be taken as tax-free cash. You are allowed to
take up to 25% of the capital value of your benefits
(including the USS Money Purchase AVC) as tax-free cash.
You could opt to take your entire USS Money Purchase
AVC fund as cash, take less cash from the main scheme and
receive a higher USS pension. Tax regulations may change;
you cannot therefore altogether guarantee that you will
be able to take all or part of your Money Purchase AVC fund
as tax-free cash when you retire. Full details will be provided
on retirement.
You should consider all your options and take advice
as necessary as to which is the best option for your
own circumstances.
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Early payment of benefits transferred
to USS
Transfer values agreed before 1 April 2009
Benefit for any service transferred to USS may be actuarially
reduced in certain circumstances, in the event of your early
retirement before age 60, other than on grounds
of ill-health.
If your retirement is due to:
• redundancy (before October 2014)
OR
• at the request of your employer
This reduction applies:
•If the transfer payment is received by USS within
one year of you joining the scheme then the
transferred-in service will be reduced if you retire
with less than seven years’ active membership
since joining.
OR
•If the payment is received by USS more than one year
after joining then the transferred-in service will be
reduced if you retire with less than seven years active
membership since the payment had been received
(although a period of six months is discounted for
administrative time taken to complete the transfer).
This condition applies to all transfers accepted on the
pre-April 2009 basis. The reduction would be applied only
to the benefit for the service transferred-in, irrespective of
whether or not the remainder of your USS pension has been
reduced for early payment.
If you are choosing to retire without your employer’s
consent to unreduced benefits, the benefits in respect of
the transfer-in will be reduced for each year and part-year
earlier than 63.5 years of age, or your Contractual Pension
Age (as at 30 September 2011) if lower.
Transfer values agreed on or after 1 April 2009
If you are retiring under the flexible retirement terms, please
refer to the Flexible Retirement factsheet.
If you agreed a transfer-in to USS on or after 1 April 2009,
the benefits granted will be payable in full from age 65, or
the NPA applicable at the time of transfer. If you draw these
benefits early, except in the case of incapacity retirement,
the benefits in respect of the transfer-in will be reduced for
the years and days earlier than age 65. This also applies if
you leave the scheme early and then decide to draw your
benefits before age 65.
The exception for transfers held by the scheme for more
than seven years applying to transfers agreed before 1 April
2009 does not apply to transfers agreed after 1 April 2009.
Pension increases
Your pension will be increased annually in the same way
as official pensions in the public sector schemes. Increases
are the same as the rise in inflation over the year. However,
increases on benefits earned since 1 October 2011 are
limited to 5% in any year, but if official pensions increase by
more than 5% then for each % over 5%, 50% of this increase
will be applied in USS up to a maximum increase of 10%.
So, if official pensions increased by 15%, the USS increase
would be 10% in that year.
To be eligible for the increase, you normally have to be 55
years of age on or before the 21st of the month in which
the increase is effective (usually April). If you are under age
55, your pension will be increased from the first pension
payment following your 55th birthday. Your first increase
will be based on the aggregate of those annual increases
awarded since your retirement. Details of the exceptions
and more information about pension increases are
contained in a separate booklet entitled ‘Retiring from
the scheme’.
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Limits to tax-privileged pensions
and lump sums
HM Revenue & Customs (HMRC) limits the amount of tax
privileged benefits you can receive from a UK pension
scheme. They do this by imposing a maximum allowance
on the amount of pension savings at retirement called the
Lifetime Allowance (LTA), and also an allowance for the
maximum you are allowed to take as a tax-free lump sum on
retirement. In addition, there is an annual limit to the amount
of benefit you can build up called the Annual Allowance.
You will be advised of the maximum tax-free cash
at retirement.
Please see the ‘Tax-free cash options at
retirement’ factsheet at www.uss.co.uk
Lifetime Allowance
Since April 2006, it has been the responsibility of each
individual member to check whether their ‘total’ retirement
savings (i.e. USS plus any other retirement benefits) exceed
this LTA. To calculate the LTA value of your potential USS
pension on the statutory basis, multiply your expected
pension by 20 and add on 3 times the value of your
pension as tax-free cash (assuming you opt for the standard
retirement package). So, if you’re expecting a pension of
£10,000 a year plus £30,000 as tax-free cash, the LTA value
would be £230,000.
Annual Allowance
A limit called the Annual Allowance (AA) has been introduced
by HMRC to the maximum amount of pension you can accrue
in a year and still receive tax relief.
This is a limit to the maximum growth in the value of your
pension over what is called a Pension Input Period (PIP). For
USS, the PIP is 1 April to 31 March. This limit is expressed as
a capital value, currently the limit is £50,000.
To work out the AA for yourself in a given tax year, you first
need to work out the value of your pension on 1 April and
increase that value by the rise in the Consumer Prices Index
(CPI) for the previous year. Then work out the value of your
pension on 31 March of the following year (this is the Pension
Input Period in USS) and work out the difference between the
two. Then multiply this figure by 19. This is your AA for that
particular tax year.
If you are a retired member, you would simply compare
the standard pension (before you elected to take more/less
cash from USS) on retirement to the value at 1 April
before retirement. Please note that this refers only to the
year of retirement.
However, the value of most members’ retirement benefits
will be nowhere near the maximum as the LTA allowance is
substantial (initially £1.8 million reduced to £1.5 million from
April 2012). If you do exceed the LTA value applicable when
you retire, the value of your pension would be reduced as
you will be required to pay tax at 25% on the excess, i.e the
amount of your pension capital value that exceeds the LTA
(as determined on the statutory basis). Periodic payments of
your remaining pension will still be subject to income tax.
Alternatively, the excess may be taken as a lump sum and
taxed at 55%.
You will have a responsibility to report the value of your
benefits on retirement to HMRC. The LTA value of your USS
benefits will be advised to you at the point of your retirement.
Accurate retirement benefit calculations cannot be done
until shortly before you retire but you can obtain a quotation
of your retirement benefits from USS that will indicate the
Lifetime Allowance value of your benefits.
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How does it work?
What if I exceed the allowances?
Based on your service in the scheme as at 1 April in the year
of retirement and your pensionable salary at that point, you
can work out your standard pension. If your service was 30
years and your pensionable salary was £42,000, the pension
would be:
If you require assistance in calculating your allowance, or if
you think you have exceeded the allowance, please contact
USS for a full quotation.
30 X 1/80 X £42,000 = £15,750 a year
Plus CPI increase of 3.1% (based on annual CPI
increase for the year up to 31 March 2011)
= £15,750 X 1.031
= £16,238.25
Your standard pension at retirement figure is quoted under
Option 1 in your retirement quotation. For the illustration
below, a figure of £16,500 has been used.
Annual Allowance used up = (£16,500 - £16,238.50) X 19
Annual Allowance used up = £4,968.50
Please note that if you paid any USS Money Purchase AVCs
(Prudential) during the PIP then simply add the amount
paid during the period to the figure above. Additionally,
if you were a member of another pension scheme during
the period, you will need to add to the total the amount
of allowance you have used up in that arrangement/
arrangements. In this example, the member was well within
the £50,000 limit.
If you exceed the AA, there is scope to utilise unused
allowances from up to the previous three years. If you are still
in excess of the limit then anything over the £50,000 is added
to your gross taxable pay and taxed under the PAYE system,
meaning that the tax charge could be 20%, 40% or perhaps
50%, depending on the level of your taxable pay.
The £50,000 limit is however generally only of concern for
high earners with long service.
If you think you have or might exceed either (or both) the LTA
or AA, please also refer to the ‘Limits to tax relief and tax-free
benefits’ factsheet.
Working after retirement
With the exception of ‘flexible retirement’, in order to qualify
to draw 100% of your accrued pension, you must terminate
your current pensionable employment. Reaching age 65, or
achieving 40 years’ service, does not automatically make you
eligible for a pension if you haven’t stopped working.
You would not be deemed to have retired if you intend
to commence another job with your current employer, or
with any other employer that participates in USS, that is
pensionable in USS. If however, after you have retired you are
subsequently offered new employment your employer may
have a duty to enrol you into a pension scheme. You will need
to seek advice from your employer as to your eligibility and
whether you are able to rejoin USS. Further information can
be found on the USS website at www.uss.co.uk
You should note that your total income, including your
pension, will be assessed for income tax.
If you have retired on the grounds of incapacity, please note
that the rules state that that USS may either:
(i)withdraw or suspend that pension for periods up to
normal retirement age if USS determines that you are no
longer suffering from incapacity; or
(ii)withdraw an enhanced incapacity pension and grant a
non-enhanced incapacity pension if USS determines that
you are suffering from partial incapacity and not total
incapacity.
If at any time you consider the above applies to you, please
inform USS in writing.
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Lump sum and pension options
Deductions from benefits
The ‘standard’ package of benefits from USS is a pension of
1/80th of your pensionable salary for each year of service
plus a lump sum of three times that pension.
If you have been credited with pensionable service in USS
in respect of service either before joining USS (other than
as a result of a transfer payment) or in respect of an earlier
period of membership of USS, for which you received a
refund of contributions, any amounts still due to USS at the
date of your retirement will be deducted with interest from
your retirement lump sum or, where appropriate, from your
pension. This excludes benefits from overseas schemes and
surrendered FSSU policies.
All members can take less, or in fact no cash, and receive
a higher pension. Additionally, from April 2006 HMRC
increased the limit on the amount of tax-free cash that can
be drawn from an approved pension scheme like USS.
This new tax-free cash limit is 25% of the Lifetime Allowance
value of your pension. This Lifetime Allowance includes
the value of all your pension benefits being drawn on the
same day, not just USS. As an estimate, this new tax-free
cash limit will on average be in the region of 5.75 times
(varying with age and gender) the standard 1/80ths USS
pension for most members.
All members may, if they wish, receive a tax-free lump sum
of up to this new limit and the maximum amount will be
provided in your retirement quotation.
A modeller is available on the USS website
at www.uss.co.uk
Please see the ‘Tax-free cash options at
retirement’ factsheet at www.uss.co.uk
It may be possible to pay some or all of this amount to
USS shortly before you retire and claim tax relief up to the
maximum allowed. If you wish to investigate this option,
you should ask for a quotation of the cost shortly before
you are due to retire.
If you contributed to the State Second Pension (S2P) during
a period of service with which you have been credited in
USS (e.g. whilst a member of FSSU during any time from
6 April 1978 to 5 April 1980), a deduction will be made
from your USS pension commencing from the date of your
retirement or, if later, the date you reach state pension
age. The amount of the deduction will be equivalent to
the amount of additional pension which you earned in
S2P during the period of service for which you were given
credit in USS and which you will be paid directly by the
Department for Work and Pensions. The exact amount of
this deduction cannot be calculated until the beginning of
the tax year in which you reach state pension age because
the amount is revalued each year. The Trustee Company
can, however, calculate the current value on request.
Small ‘Trivial’ pensions
Where your pension from USS is very small, it may be
possible in some circumstances to ‘fully commute’ this
benefit. In other words, you could receive a one-off lump
sum payment rather than the small pension income. You
will be advised if this is an option for you.
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Retirement lump sums
Your retirement lump sum is due on the first day following
your date of retirement.
You may choose either to receive a cheque posted to your
home address, which will be posted in time for you to
receive it on the due day, or to have the amount transferred
by bank giro to a nominated bank or building society
account on the due day. Please note that it may take several
working days for a payment to be cleared through your
account, something you may wish to check with your bank
or building society.
Pension payments
USS pensions are paid monthly to either a bank or a
building society account through the Bankers Automated
Clearing Service (BACS) which is a computerised money
transfer system. Each instalment will be equal to 1/12th of
your annual rate of gross pension unless you retire on a date
other than the last day of a month when the first instalment
of pension will be calculated proportionately.
Your first pension payment will be paid on the 21st of the
month following retirement. It will include a proportionate
payment covering the period from the first day of
retirement to the last day of the month of retirement.
How does this work?
If you retire on 30 September, your first pension
payment would normally be paid on 21 October, and
would be for the full amount, representing the entire
month of October.
If you were to retire on 10 October, you would receive
a proportionate pension payment representing the
period from 11–31 October, which would be paid on
21 November, along with the full pension in respect
of November.
Thereafter payments will continue to be made on the
21st of each month, or the last working day preceding
this if this date falls on a weekend or bank holiday.
Income tax will be deducted from your gross monthly
pension under PAYE. If you intend to live abroad you
must apply to HM Revenue & Customs for exemption
from UK income tax in order to be recognised as
non-resident in the UK. Exemption can be considered
only after you have established permanent residence
abroad.
If you require further information, please contact the
Trustee Company.
Designed by Anthony Hodges Consulting Limited 2011_3264
Payment of Benefits
Note: These arrangements assume the Trustee Company will be given at least five working days’ notice of your retirement by your employer. If we are unable to
pay your lump sum within one month of its becoming due or if an instalment of pension is a month or more overdue, we will pay interest to compensate you,
irrespective of who is to blame for the delay.
This publication is for general guidance only. It is not a legal document and does not explain all situations or eventualities. USS is governed by a trust deed
and rules and if there is any difference between this publication and the trust deed and rules the latter prevail. Every effort has been made to present
accurate information at the date of publication and members are advised to check with their employer contact for latest information regarding the scheme,
and any changes that may have occurred to its rules and benefits.
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