USS Member Presentation
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1 USS Member Presentation
2 My Benefits My Actions Purpose My Questions
3 What s the name of the new defined contribution section in USS? The over 55,000 section USS Retirement Income Builder 3. USS Investment Builder 4. USS Retirement Provider
4 What s the name of the new defined contribution section in USS? The over 55,000 section USS Retirement Income Builder 3. USS Investment Builder 4. USS Retirement Provider
5 USS for the future
6 Types of retirement benefits Defined Benefit (DB) Defined Contribution (DC) USS Retirement Income Builder USS Investment Builder
7 Benefits up to 31 March 2016 Final Salary (FSAL) or Career Revalued Benefits Section (CRB) Statements of benefits at 31 March 2016 in Autumn 2016 USS pension increases
8 USS pension increases Increases match Official Pensions Cap to increase may apply 15% 10% 5% CPI 2.5% 10% 7.5% 5% USS
9 Phased implementation ,000 USS Retirement Income Builder (DB) USS Investment Builder (DC) Automatic for salaries of 55,000 and over With the option to make voluntary contributions and choose the match Salary 000s Apr 2016 USS Retirement Income Builder (DB) 1 Oct 2016 With the option to make voluntary contributions to the USS Investment Builder and choose the match
10 Salary threshold 55, Death benefits or Ill-health benefits = based on FULL salary
11 USS Retirement Income Builder x x = 1/75 Build up rate Salary (up to threshold) EVERY year USS pension increases Pension + x 3 = Pension Tax-free cash
12 USS Retirement Income Builder 1/75 Salary 1/75 of salary every year USS pension increases (assuming 2% a year) Banked 30,000 1/75 x 30,000 x 1.02 x 1.02 x ,000 1/75 x 40,000 x 1.02 x ,000 1/75 x 50,000 x ,000 1/75 x 55,000 x Total: 2, pa PLUS tax free cash of 2, x 3 = 7,178.07
13 USS Investment Builder
14 Who is the USS Investment Builder relevant for? Higher rate tax payers Everyone 3. People earning above the salary threshold ( 55,000) 4. Post October 2016 joiners
15 Who is the USS Investment Builder relevant for? Higher rate tax payers Everyone 3. People earning above the salary threshold ( 55,000) 4. Post October 2016 joiners
16 USS Investment Builder - What is going in?
17 The match pay more get more You contribute an additional Your employer also contributes an additional + 1% 1% or more of your salary of your salary INTO THE USS INVESTMENT BUILDER You can choose to pay more, but your employer will only match the first 1%
18 Extra contributions: example Salary = 35,000 Per month You Pay Automatic Tax Relief (assuming basic rate tax payer) Your payment into USS Investment Builder Employer match into USS Investment Builder Total into USS Investment Builder Your first 1% Your next 1%
19 Register with My USS You have to register with My USS to pay extra contributions Register with My USS online
20 Automatic membership You contribute Your employer contributes 8% + 12% of your salary above the salary threshold of your salary above the salary threshold INTO THE USS INVESTMENT BUILDER This is in addition to your benefits in the USS Retirement Income Builder
21 USS Investment Builder - What happens to my money?
22 Choosing your USS Investment Builder investments How do I decide where my money is invested? Do it for v me Let me do it
23 Do it for me The Default fund The fund designed by the Trustee to meet the requirements of most members
24 Do it for me The Default fund (A Lifestyle fund) There is also an Ethical Lifestyle Fund
25 Let me do it
26 Subsidised fund management charges Fund management charges reduce the return you get on your investments so they will be subsidised on the USS Investment Builder funds Contribution 5% pa return after 20 years 0.5% pa charge 5% pa return after 20 years No charge Difference 1,000 2,410 2,
27 USS Investment Builder - What do I need to do?
28 Your choices Opt into the match Elect to pay more than 1% if you wish Choose your funds (or default lifestyle) You can make changes to contribution amounts and funds
29 Register with My USS You have to register with My USS to make your investment choices Register with My USS online
30 USS Investment Builder - What comes out?
31 USS Investment Builder flexibility Tax-fee Cash cash Pension USS Investment Builder From age 55 Leave funds invested
32 Benefit illustrator
33 What is the advantage of saving via the USS Investment Builder? Get the 1% match Subsidised fund management charges 3. Potential to take fund tax-free 4. All of the above
34 What is the advantage of saving via the USS Investment Builder? Get the 1% match Subsidised fund management charges 3. Potential to take fund tax-free 4. All of the above
35 Existing Additional Voluntary Contributions (AVCs)
36 Types of existing AVCs Added years/benefits Money Purchase AVCs with Prudential
37 Added years/benefits No new arrangements Old arrangements can continue
38 Money purchase AVCs Money purchase AVCs with Prudential STOP Action needed to continue to pay extra contributions from 1 October 2016!
39 Extra contributions from 1 October 2016 Prudential With-profits funds All other Prudential funds? USS Investment Builder
40 What happens to money purchase AVCs? Prudential With-profits AVCs will say where they are All other Prudential funds USS Investment Builder
41 What happens next?
42 What happens next? Register with My USS to get the match, pay extra contributions and make your investment choices Register with My USS online
43 Where to get further information USS Scheme information and latest news uss.co.uk USS For the Future Site dedicated to the 2016 scheme changes (including benefit illustrator) forthefuture.uss.co.uk Pensions Advisory Service General guidance on pensions pensionsadvisoryservice.org.uk Money Advice Service For general financial guidance including pensions moneyadviceservice.org.uk Pension Wise New government site focussed on defined contribution pension saving pensionwise.gov.uk Independent Financial Advisers Look for chartered advisers only unbiased.co.uk, findanadviser.org
44 What s the most important message from today for YOU? Taking action The match 3. Default fund 4. The change to Prudential AVCs
45 Important notice This presentation and any comments made during the presentation and responses to questions are for general guidance only. The presentation 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.
46 Appendix Extra Information
47 Transfers-in 31 March 2016 Membership of transfer club ended from 31 March 2016 Transition (2 years) Based on pensionable salary as at 31 March 2016 Up to 1 October 2016 Non-club transfers to buy benefit No new requests until 1 October October 2016 onwards 1 October 2016 onwards = USS Investment Builder
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THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2018 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet April 2018 Edition For Employees of the XYZ Company Reviewed May 2018 1 CONTENTS Page 3 OVERVIEW 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS