Another step towards recovery and restoration of our pension
3 November 2023
The USS Joint Negotiating Committee (JNC) voted on Monday 30 October 2023 to restore member benefits to pre-2022 levels, augment losses suffered during 2022 - 2024 through a £215 pension payment and reduce contribution rates to 6.1% in line with decision taken by UCU members. USS has now contacted all scheme members to inform them of these decisions.
To support members, the UCU Superannuation Working Group (SWG) have produced a video which you can watch below on the USS 3Rs - Restoration, Recovery and Rates. We have also provided information here (Google Sheets) that will allow members to calculate the impact of the UCU negotiated outcome on your improved USS retirement income.
As these changes need USS Rules to be amended, we will be working with UUK and USS on these amendments over the coming weeks to ensure changes to contribution rates are delivered for 1 January 2024, and the new member benefits and recovery payment is in place for 1 April 2024.
And the Employee Consultation on Restoration is still ongoing to 24 November 2023 and we encourage all members to provide a response to this. UCU's information to assist with your response can be found here.
If you have any questions, please contact your local pensions officer, any member of the UCU SWG or email pensions@ucu.org.uk.
The USS 3Rs - Restoration, Recovery and Rates
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