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.
| USS contributions per month | ||||
| From January 1 2024 (6.1%) | Before 1 January 2024 (9.8%) | |||
| Salary | Pre tax | Post tax | Pre tax | Post 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.
| Net savings per month | Net savings over 15 months | |||
| Reduction 9.8% to 6.1% | Reduction 9.8% to 6.1% | |||
| Salary | Pre tax | Post tax | Pre tax | Post 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.
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