Planned changes to early retirement benefits in your USS Pension
We have recently learned of changes to your USS pension related to early retirement, which USS plans to make on 1st April 2024. It is important you understand that if you are considering early retirement, the planned changes to Scheme Factors, if they go ahead, could seriously disadvantage you.
We believe it would be prudent for members considering early retirement to urgently:
- Write to USS seeking the necessary financial information to inform their decision, asking for calculations for dates before and after 1st April 2024.
- Make contact with HR to ensure the necessary work is completed so as not to delay any decision with USS. This contact from staff enables HR to notify USS and provide confirmation of notice period.
- Seek independent financial advice to inform their decision-making. Members may wish to use the free service for UCU members provided by Quilter Financial UCU – Financial advice from Quilter
We are reliably informed that the UCU Pensions Negotiators are fighting this change, which was not part of the recent USS negotiations outcome. Nevertheless, at this point in time the change is planned for implementation on 1st April and as the date is drawing near, we wanted to draw your attention to it.