1 / 47

Presentation for USS members Colin Busby and Eifion Morris APMI

Presentation for USS members Colin Busby and Eifion Morris APMI. Your USS Journey.

beth
Download Presentation

Presentation for USS members Colin Busby and Eifion Morris APMI

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Presentation for USS members Colin Busby and Eifion Morris APMI Your USS Journey Every effort has been made to present accurate information. Members are advised to check with their employer and/or the USS guides to confirm their understanding before acting on any information given. This presentation may be recorded for training and audit purposes.

  2. Agenda

  3. How much will your pension be?

  4. The basics

  5. The calculation

  6. Part-time calculation 40 30 Salary £000s 20 10 3 years 10 years 10 years 5 years 100% 30% 100% 50% 40 10 20 30 Years

  7. What will I get? Full-time member Years’ service Pension as % of salary If salary was £40,000 with 30 years service benefits:- Pension of 30/80 X £40,000 = £15,000 pa PLUS Tax-free cash of 3 X Pension = £45,000

  8. How big will your pension be? Average service 32 years X 1/80th Average salary £42,000 pa Average pension £16,800 pa

  9. Getting more out of USS

  10. Put more in to get more out

  11. Help from the tax man

  12. Help from the tax man

  13. Added years modeller

  14. Money Purchase AVC calculatorwww.pru.co.uk/uss

  15. How to pay AVCs

  16. Tax relief allowances

  17. Tax allowances

  18. Annual Allowance

  19. Annual Allowance & Money Purchase AVCs

  20. Annual Allowance & Added Years

  21. Lifetime Allowance

  22. USS tax options

  23. Keep your house in order

  24. Transfers in to USS

  25. Benefits for your dependants

  26. Salary £50,000Pension at 65 £25,000

  27. Salary £50,000Pension at 65 £25,000

  28. What if you leave?

  29. Benefits on leaving

  30. Options after leaving

  31. When can you stop working?

  32. Normal retirement

  33. Future increases to NPA - 66 October 2020 NPA increases to 66

  34. Early retirement

  35. Flexible retirement

  36. Incapacity retirement

  37. Varying pension and cash

  38. What next?

  39. What next? • Pensions office contacts • Prudential – www.pru.co.uk/uss • 0800 012 1262 • USS website – www.uss.co.uk • Slides available here • Pensions TV

  40. Your questions

  41. Pension increases

  42. Pensionable Salary

  43. Retirement 40000 X 193.5/193.5 = 40000 2 38889 X 193.5/188.6 = 39982 3 37612 X 193.5/182.6 = 39857 4 36501 X 193.5/177.9 = 39701 5 34914 X 193.5/174.3 = 38760 6 33327 X 193.5/171.6 = 37580 7 31740 X 193.5/166.5 = 36887 8 30153 X 193.5/164.5 = 35468 9 28566 X 193.5/159.5 = 34655 10 36500 X 193.5/153.8 = 45922 11 31740 X 193.5/149.8 = 41000 12 28566 X 193.5/145.2 = 38068 13 22218 X 193.5/141.8 30318 Pensionable salary calculation Year Salary RPI increase Revalued salary = 41663 Back

More Related