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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 Changes affecting current members Changes affecting new joiners Tax relief allowances from 2011 Your questions

  3. Changes affecting current members – Final salary section

  4. Changes affecting current members 1 October 2011

  5. Higher Normal Pension Age (NPA)

  6. 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

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

  8. Change to redundancy terms

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

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

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

  12. Pension increase change

  13. Pension increase change

  14. Flexible retirement

  15. Flexible retirement – early payment reductions

  16. Other changes

  17. What stays the same?

  18. Changes affecting new entrants from 1 October 2011

  19. Who joins new section?

  20. How does Career Revalued Benefits work?

  21. Cost sharing

  22. Cost sharing

  23. Tax relief allowances from April 2011

  24. Tax relief – pre April 2011

  25. Tax relief changes – April 2011

  26. AVC options for Final Salary members

  27. AVC Options

  28. AVCs and the Annual Allowance

  29. How to pay AVCs – Added Years

  30. Summary of changes

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

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