Latest Pensions News
UCEA have created an infographic to provide insight into the rising cost of pensions which can be found here.
Changes to the Universities Superannuation Scheme (USS)
The USS Employer Consultation on changes to the scheme is now underway and is scheduled to end on Friday 22 May 2015. Further information can be found on the USS Employer consultation website, you will find various materials to assist you with understanding the proposed changes and the potential impact on your future pension benefits. In addition, you can access the LSE pages regarding this process.
The consultation is your opportunity to have your say on the proposals.
New SAUL Website
have re-launched their website in an easy to access format. It includes new pension calculators to help members plan for their retirement and improved navigation so that you can easily find the information you need. Click here to access information about the scheme.
SAUL Annual Review 2014
The 2014 Annual Review is now available via the SAUL Website. This outlines the scheme's performance during the last year and contains details about the benefits of the scheme.
Prudential review of Exit Charge for USS Money Purchase Additional Voluntary Contributions (MPAVCs)
When the exit charge was first introduced for short term MPAVC applications after the 19th August 2012 Prudential committed to review the level of charge and make any adjustments deemed necessary based on experience of new applications and any other factors. Some significant changes mean that Prudential are now in a position to reduce the exit charge as follows from 24 October 2014:
1. The exit charge will only apply if the member withdraws their MPAVC fund within 3 years of making their first contribution instead of the current 5 years.
2. The charge applied will be reduced to 3% in year 1, 2% in year 2 and 1% in year 3. No exit charge will be applied if the term of the MPAVC exceeds 3 years.
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