Last year the USS and SAUL trustees agreed to the changes recommended by the schemes respective Joint Negotiating Committees (comprised of employer and employee representatives). The resulting benefit structure changes will be introduced with effect from 1 April 2016
The changes will affect all scheme members and the contributions payable by members and UCL will increase. USS will introduce the changes in 2 phases. Phase 1 will commence from 1 April 2016 and Phase 2 from 1 October 2016.
Summary of the Phase 1 changes (1 April 2016)
The accrual rate for the new Career Revalued Benefits scheme increases to 1/75 from 1/80 Contributions to USS will increase to:
Summary of the Phase 2 changes (1 October 2016)
For more detailed information on the new scheme changes, a PDF copy of the Disclosure Letter containing ‘Important information about your scheme’ can be found in the ‘Scheme Changes’ section at the following location:
A new USS guide entitled ‘Your guide to the Universities Superannuation Scheme’ is available in the ‘Factsheets and guides’ section at the following link:
Summary of the changes to SAUL (1 April 2016)
The Final Salary Scheme will close and the link to a salary will end. The Final Salary Scheme will be replaced by a Career Average Revalued Earnings (CARE) scheme with effect from 1 April 2016.
The employer contribution to SAUL will increase from 13% to 16% and the employee contribution will remain at 6%.
A new scheme guide ‘Building for your future’ and the ‘It’s your future’ summary leaflet is available at the following link: