Thinking about your future
USS has refreshed and updated a range of pages under their ‘Thinking about your future’ section. Whether you’re planning on retiring in the next few years, or it’s something that seems a long way off – it’s important to set some planning time aside to make sure you’re saving enough to have the lifestyle you want at retirement.
Example articles include:
- How much you’ll need
- Pension building in your 20s and 30s
- Saving for retirement when you’re 40+
- Preparing for retirement when you’re 55+
Free member webinars
If you want to learn more about benefits in USS, how benefits are built up and your options on retirement, you can register for the free USS webinars to help make decisions about your pension.
Upcoming webinar dates are as follows:
23 October 9.30am: New to USS
23 October 12pm: Tax and your pension
23 October 2.30pm: Understanding DC (the Investment Builder)
Find out more information about all of the upcoming USS webinars.
Scheme pays deadline
The Voluntary Scheme Pays deadline to notify USS for the 2023/24 tax year is 15 December 2024. Voluntary Scheme Pays is an option for members who have exceeded the tapered Annual Allowance limit or if the member’s tax charge liability is between £1,000 and £2,000. This applies to benefits within USS only.
The statutory deadline for members wishing to elect for Mandatory Scheme Pays for the 2023/2024 tax year is 31 July 2025. Mandatory Scheme Pays is available to members who have gone over the standard Annual Allowance limit and their charge liability is in excess of £2,000.
Members wishing to take this option should complete and submit the scheme pays form to USS. Confirmation will be sent to them once the process is complete.