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Presentation for USS members Eifion Morris APMI. Your USS Journey.

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Presentation for USS members Eifion Morris APMI


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    Presentation Transcript
    1. Presentation for USS members 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. 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

    7. 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

    8. How big will your pension be? Average service 32 years X 1/80th Average salary £42,000 pa Average pension £16,800 pa

    9. Getting more out of USS

    10. Put more in to get more out

    11. Help from the tax man

    12. Help from the tax man

    13. Tax allowances

    14. USS tax options

    15. Added years modeller

    16. Money Purchase AVC calculatorwww.pru.co.uk/uss

    17. How to pay AVCs

    18. Other benefits

    19. Transfers in to USS

    20. Benefits for your dependants

    21. What if you leave?

    22. Benefits on leaving

    23. Options after leaving

    24. When can you stop working?

    25. Normal retirement

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

    27. Early retirement

    28. Flexible retirement

    29. Incapacity retirement

    30. Varying pension and cash

    31. What next?

    32. What next? • Pensions office contacts • Prudential – www.pru.co.uk/uss • 0800 234 6913 • USS website – www.uss.co.uk • Slides available here • Pensions TV

    33. Your questions

    34. Money Purchase AVC fund early exit charge

    35. Pension increases

    36. Pensionable Salary

    37. Retirement 40000 X 193.5/193.5 = 40000 Pensionable salary calculation 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 Year Salary RPI increase Revalued salary = 41663 Back