New sessions planned to brief on USS proposals
Published: 5 December 2014
The recent briefing sessions outlining the proposed changes to the Universities Superannuation Scheme (USS) were well attended and received positive feedback. To meet demand four additional sessions are being held.
The recent briefing sessions outlining the proposed changes to the Universities Superannuation Scheme (USS) were well attended and received positive feedback. To meet demand the Finance Office has arranged a further 4 sessions as follows:
| Date | Time | Location |
|---|---|---|
| Friday 12 December | 3.30 - 4.30 | Room 717, Adam Smith Building |
| Monday 15 December | 3.30 - 4.30 | Room 203, 10 University Gardens |
| Tuesday 16 December | 2.00 - 3.00 | Room 709 A/B, Boyd Orr Building |
| Thursday 18 December | 3.30 - 4.30 | Room 433 A/B, St Andrews Building |
All USS members are welcome to come along. Space is limited within some of the rooms so if demand for the sessions remains high further dates will be arranged as required.
To recap, the proposed reforms include:
- The final salary section would close for future benefits, with existing benefits protected and calculated using pensionable salary and service at the date of change.
- Future pension for all members would build up in the career revalued benefit (CRB) section on earnings up to a salary threshold – proposed at £50,000.
- Pension on salary above the threshold would be provided in a new defined contribution (DC) section.
- All members would also have the option to pay an additional 1% of salary into the DC section, which the employers would match.
These proposals have been put forward on behalf of participating employers to ensure that USS remains sustainable, attractive and affordable for both current and future members.
Further information on the changes can be found on the website at: www.gla.ac.uk/usschanges/
First published: 5 December 2014
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