Universities Superannuation Scheme (USS)

Membership of USS has been available to eligible employees at the University of Reading since 1975 and currently there are in excess of 1,800 members here at Reading.

USS is a defined benefit scheme. This means that a member's benefits are determined by their salary rather than being linked to a fund of money they have paid into. For existing members, benefits are linked to final salary but this will change from 1st October 2011 when new entrants to the scheme will join a Career Revalued Benefits section of USS.

Contribution rates to USS are currently 6.35% of salary for employees (although this is set to increase to 7.5% with effect from 1st October 2011) and 16% for the University.  Members joining the Career Revalued Benefits section from 1st October 2011 will pay 6.5% of salary.

Membership of USS provides the following benefits:

• a pension for life
• the option to take a tax free cash sum on retirement or additional pension
• a tax free lump sum if you die whilst an active member
• a pension for your spouse or civil partner or dependant if you die
• pensions for eligible children if you die
• a facility to increase your retirement benefits by paying additional contributions (AVCs)
• early payment of retirement benefits if you have to retire due to incapacity
• tax relief on the contributions you pay into the scheme

USS is contracted-out of the State Second Pension (S2P) so all members of the scheme are automatically contracted-out. Members of USS pay lower National Insurance contributions and in return the scheme has to meet certain guarantees for your benefits. Members cannot contract back in to the State Scheme on an individual basis.

If you are eligible for membership of USS you will be enrolled automatically and contributions deducted from your first salary payment. Should you decide that you do not want to be a member of the scheme please get in touch with the Pensions Office and ask for an opt-out form. Sessional lecturers and employees over age 60 are not automatically enrolled as members but need to apply to join - please ask the Pensions Office for an application form.

Full details of USS can be found on their web site along with lots of helpful factsheets, information and member presentations. Forms for nominating beneficiaries in the event of your death or for transferring other benefits into USS can also be found here. 

Current scheme information

• USS Guide to Members - Final Salary section (PDF - 1871KB)
• USS Guide to Members - Career Revalued Benefits section (PDF - 1751KB)
• USS Changes from 1 October 2011 (PDF - 193KB)
• USS Changes Timeline (PDF - 62KB)
• USS Factsheet - Limits to Tax Relief and Tax-Free Benefits (PDF - 1318KB)
• USS Pensions Tax Changes (PDF - 221KB)
• USS Pension Input Periods (PDF - 15KB)
• USS Members' Annual Report 2010 (PDF - 1575KB)
• USS Members' Annual Report 2010 (Enclosure) (PDF - 119KB)
  

Previous reports and statements

• Members Annual Report 2008 - 2009 (PDF - 753KB)
• Joint Review Group Statement (PDF - 38KB)
• Summary Funding Statement 2008 (enclosure - USS Joint Review Group) (PDF - 222KB)
• Members' Annual Report 2007 - 2008 (PDF - 695KB)
• Members' Annual Report 2007 - 2008 (enclosure) (PDF - 229KB)
• Summary Funding Statement 2007 (PDF - 60KB)