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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. Transition The review of USS Changes affecting current members Changes affecting new joiners Tax relief restrictions from 2011 Your questions

  3. The Review of USS

  4. Review of USS

  5. Review of USS

  6. Changes affecting current members – Final salary section

  7. Changes affecting current members 1 April 2011

  8. Higher Normal Pension Age (NPA)

  9. Normal Pension Age (NPA)65Example –retiring at 60 with employer consent • Age at 31 March 2011 50 • Service to 31 March 2011 20 years • Service since 31 March 2011 10 years • Pensionable salary £45,000.00

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

  11. Change to early retirement terms

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

  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. What stays the same?

  19. Changes affecting new entrants after 31 March 2011

  20. New section of scheme

  21. How does new section work? Scheme design to be confirmed

  22. New section - Example We now need to add inflation

  23. New section - Example

  24. New section vs Final Salary

  25. Cost sharing

  26. Cost sharing

  27. Consultation exercise

  28. Consultation

  29. Tax relief proposals from April 2011

  30. Government propose to restrict tax relief on pension from 1 April 2011

  31. Tax relief changes – current system

  32. Tax relief changes – new system (proposal)

  33. AVC options for final salary members

  34. AVC Options

  35. Comparison

  36. Added years modeller

  37. Prudential AVC calculator • Website www.pru.co.uk/uss

  38. Beat the tax man

  39. How to pay AVCs – Added Years

  40. Summary of changes

  41. More information • Consultation exercise • Starts October 2010 • Pensions office contacts • USS website – www.uss.co.uk • Prudential – www.pru.co.uk/uss

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