USS members are being asked whether they want the salary threshold for the defined-benefits part of the pension scheme to continue to rise with inflation.
The current arrangement is due to expire this year and the University and College Union (UCU) and Universities UK (UUK) are proposing that this is extended until 2025.
The proposal, subject to this consultation, would prevent the scheme defaulting to a static salary threshold, which effectively would mean that the maximum amount members pay into the defined-benefits part of USS would decrease in real terms each year.
The consultation is open to all USS members, until 5pm on 23 March, but it will be of particular importance to those earning above or close to the current salary threshold of £58,589.70. Any earnings above this threshold go into the defined-contribution part of USS called Investment Builder.
The Joint Negotiating Committee (JNC), comprising UCU and UUK representatives, want to see this threshold rise in line with the Consumer Price Index (CPI), as it has done since the Investment Builder was introduced.
If you are a USS member, you will have received an email from the University’s pensions team with full details of the proposal and consultation.
You can respond to the consultation by:
- emailing EmployerConsultation@uss.co.uk;
- emailing pensions@sussex.ac.uk;
- giving a verbal response to the University’s pensions team; or
- sending your response to your recognised trade union representative.