Latest Pensions News
UCEA have created an infographic to provide insight into the rising cost of pensions which can be found here.
USS News
Changes to the Universities Superannuation Scheme (USS)
A review of the Universities Superannuation Scheme (USS) has been underway for the last few months by the Joint Negotiating Committee, with representatives of the employers, Universities UK and the Employers’ Pensions Forum (EPF), and the members represented by UCU.
This review has now produced a set of joint proposals, approved by both sides of the Joint Negotiating Committee, have now be put to the wider membership for formal consultation.
The consultation period closed on 22 May 2015. The USS Trustee Board will now consider the responses given to the consultation.
Further information can be found on the LSE Pages.
SAUL News
Changes to SAUL are proposed from 1 April 2016.
Affected employees are being consulted about the proposed changes from 13 July to 13 September 2015.
You can find out more about:
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why changes have been proposed
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what is being proposed, and
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how you can give your opinion on the proposal
in the consultation document which is available on the SAUL website and via the LSE webpage.
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.
Prudential News
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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