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Presentation for USS members Colin Busby and Eifion Morris APMI

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

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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 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. 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

  7. 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

  8. How much will you need?

  9. How much will you need?

  10. Getting more out of USS

  11. Put more in to get more out

  12. Help from the tax man

  13. Help from the tax man

  14. Added years modeller

  15. Prudential AVC calculatorwww.pru.co.uk/uss

  16. How to pay AVCs

  17. Keep your house in order

  18. Transfers in to USS

  19. Benefits for your dependants

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

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

  22. What if you leave?

  23. Benefits on leaving

  24. Options after leaving

  25. When can you stop working?

  26. Retirement options

  27. Normal retirement

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

  29. Early retirement

  30. Early retirement

  31. Flexible retirement

  32. Incapacity retirement

  33. Varying pension and cash

  34. Tax relief allowances

  35. Tax allowances

  36. Annual Allowance

  37. Lifetime Allowance

  38. USS tax options

  39. What next?

  40. 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

  41. Your questions

  42. Pension increases

  43. Pensionable Salary

  44. 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

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