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Contribution rate savings per month

18 December 2023

Today, in a meeting of the USS Joint Negotiating Committee, your representatives voted to confirm that your monthly USS contributions will be reduced from 9.8% to 6.1%. For a member earning £45,000 this will mean a monthly saving of £111.  

This will take effect from 1 January 2024. To view your estimated contribution rate savings per month (pre- and post-tax) over the next 15 months.

Calculations

Savings each USS Scheme Active Member will make from 1 January 2024 from contribution reduction.

The 1 January 2024 contribution reduction is accelerated as part of the agreement reached by UCU and UUK.

Table 1: Contribution reduction
USS contributions per month
 From January 1 2024 (6.1%)Before 1 January 2024 (9.8%)
SalaryPre taxPost taxPre taxPost tax
£5,000£25£25£41£41
£10,000£51£51£82£82
£15,000£76£61£123£98
£20,000£102£81£163£131
£25,000£127£102£204£163
£30,000£153£122£245£196
£35,000£178£142£286£229
£40,000£203£163£327£261
£45,000£229£183£368£294
£50,000£254£203£408£327
£55,000£280£170£449£281
£60,000£305£183£490£294
£65,000£330£198£531£319
£70,000£356£214£572£343
£75,000£381£229£613£368

Data taken from USS Consultation modeller introduction.  
USS data given pre- and post-tax for contribution rates 9.8%, 9%, 8%, 7%, 6%.
Contribution rates of 6.1% interpolated from this data.

Table 2: Savings
 Net savings per monthNet savings over 15 months
 Reduction 9.8% to 6.1%Reduction 9.8% to 6.1%
SalaryPre taxPost taxPre taxPost tax
£5,000£16£16£234£234
£10,000£31£31£467£467
£15,000£47£37£698£555
£20,000£61£50£921£744
£25,000£77£61£1,152£921
£30,000£93£74£1,388£1,110
£35,000£108£87£1,621£1,299
£40,000£124£98£1,854£1,476
£45,000£139£111£2,085£1,665
£50,000£154£124£2,308£1,854
£55,000£169£111£2,539£1,669
£60,000£185£111£2,775£1,665
£65,000£201£121£3,009£1,808
£70,000£216£130£3,242£1,943
£75,000£232£139£3,473£2,085

A 2023 valuation would not normally change contributions before April 2025.

Last updated: 8 April 2024