USS - Universities Superannuation Scheme
Membership of USS is open to grade 6 research assistants and to all staff, grades 7 and above.
The USS Retirement Income Builder is a type of defined benefit pension scheme where benefits are based on each year's salary throughout the period of membership (on a Career Revalued Benefits basis). Members pay a monthly contribution equal to 8.8% of salary, while the University contributes 19%.
Members will also have access to the USS Investment Builder, a defined contribution section where benefits at retirement are based on the contributions made by you and the University and the performance of funds that your contributions are invested in. All members have the option to join this section in addition to the USS Retirement Income Builder, whilst earners above the salary threshold of £58,596 will join automatically and pay core contributions above the salary threshold into this section.
The scheme provides a monthly pension and a tax-free lump sum on retirement and death benefits for families and dependents.
Full details are available by following the links to the USS website.
The university pensions team, located in Darwin, are available to assist with individual pension queries. Please email the team for assistance.