Recent coverage of USS in the media
USS have released a statement to help members understand the trustee company's assessment of the current scheme funding situation. A member update can also be accessed via the following link:
Introduction of Money Purchase AVC Early Exit Charge
Exit charges will be applied to new contributors to the Prudential Money Purchase AVCs for contributions starting 19 August 2012 onwards. Charges will be made if funds are withdrawn within 5 years as a transfer out or for retirement. The percentage rate will be reduced once a year on the anniversary of the date that the first contribution was received, and will range from 15% of contributions being paid as an exit charge during year 1, to no charges from year 6 onwards.
If a member dies , claims on the grounds of serious ill health or switches between funds, no exit charge will be payable.
This change does not impact on existing members of the Prudential AVC.
Changes to SAUL from 9th January 2013
The Trustee has decided to suspend non-club transfers into SAUL.
If you are an active member and wish to investigate a transfer of non-club benefits you should speak with the Pensions Team. If you wish to submit a request this must reach SAUL before 9th January 2013. Requests received by SAUL on or after this date will not be processed.
Club transfers, those from schemes via the following link will not be affected.
Redesigned Universities Superannuation Scheme (USS) AVC website
Please note that the Prudential AVC website covering members of the Universities Superannuation Scheme (USS) has been redesigned.
The new look site can be found here www.pru.co.uk/uss and is relevant and could help whether you are thinking about starting an AVC or you already have one.
The new look website includes:
The ability to apply and top up online
Ideas on how you can try to maximise your benefits
Frequently asked questions
Section for existing AVC members who can now log in to Prudential's upgraded online self service area where you can use a sophisticated modelling tool and manage your AVC plan.
Need more help or information? Contact us