USS is now under attack

  • The employers want to end guaranteed pension benefits.
  • They say your final pension should depend on how your 'investments' perform and not on your contributions.
  • We say it's wrong to risk our members' futures.

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Moving jobs & transfer of pension

Pension rights from any previous employment can be transferred into or out of either scheme.

Pension rights from any previous employment may be able to be transferred into a new scheme. Either through the public sector transfer club which provides service on approximately a year-for-year basis such that benefits of equal value are provided. The service credit is calculated in accordance with instructions from the government actuary. This can be for final salary or CARE schemes in the public sector. Or through a cash equivalent transfer which is where the old fund is released (around 50% of the pot) and this can be used to purchase service in a final salary scheme.

A member of USS joining a post-1992 institution is advised to check whether or not their new employer is a member of USS and then seek advice on whether to retain their membership of USS or have to move to TP.

If a member leaves either a pension scheme then any accrued benefits will be deferred until they are claimed on retirement or transferred; a member with less than three months' qualifying service in a scheme may apply for a return of part of his/her contributions to it, and if he or she does not, will normally receive proportionately less benefit from it, unless a Club transfer can be arranged.

For TPS members a transfer-in can only be made within 12 months of becoming eligible to join the scheme.

USS Pension scheme will not be a member of the Public Transfer Club from 1 April 2016 and therefore no transfers in or out can be made under these arrangements.

USS is no longer a member of the public sector transfer club and therefore there are no transfers in or out under this scheme. The only possible transfers are via cash equivalent fund transfers. This is where the member asks their old fund to pay over their fund which will be reduced to no cause an issue. This is normally around 50-60% of the funds value and this is then moved into the scheme. Do take financial advise before doing this.

Transfers after 2009 into USS scheme are reduced if you draw the pension before 65 years of age.

Further information:

Last updated: 27 April 2016