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Presentation for USS members Colin Busby and Eifion Morris APMI

Presentation for USS members Colin Busby and Eifion Morris APMI. Changes to USS.

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Presentation for USS members Colin Busby and Eifion Morris APMI

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  1. Presentation for USS members Colin Busby and Eifion Morris APMI Changes to USS 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. Change The review of USS Changes affecting current members Changes affecting new joiners Tax relief allowances from 2011 Your questions

  3. The Review of USS

  4. Review of USS

  5. Changes affecting current members – Final salary section

  6. Changes affecting current members 1 October 2011

  7. Higher Normal Pension Age (NPA)

  8. Normal Pension Age (NPA)65Example –retiring at 60 with employer consent Age at 30 September 2011 50 Service to 30 September 2011 20 years Service since I October 2011 10 years Pensionable salary £45,000.00

  9. I’m buying extra service to retire at 60

  10. Change to redundancy terms

  11. Normal Pension Age to be linked to rise in State Pension Ages

  12. Future increases to NPA - 66 April 2020 NPA increases to 66

  13. Contribution increase to 7.5% * 40% tax relief applied

  14. Pension increases change

  15. Pension increase change

  16. Deferred pension increases

  17. Flexible retirement

  18. Flexible retirement – early payment reductions

  19. Other changes

  20. What stays the same?

  21. Changes affecting new entrants from 1 October 2011

  22. Who joins new section?

  23. How does Career Revalued Benefits work?

  24. Cost sharing

  25. Cost sharing

  26. Tax relief allowances from April 2011

  27. Tax relief – pre April 2011

  28. Tax relief changes – April 2011

  29. AVC options for Final Salary members

  30. AVC Options

  31. AVCs and the Annual Allowance

  32. How to pay AVCs – Added Years

  33. Summary of changes

  34. More information • Pensions office contacts • USS website – www.uss.co.uk • Prudential – www.pru.co.uk/uss • 0800 515914

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