Monday 9 September marks Pension Awareness Day, an annual opportunity to help people understand their pensions and help them save for retirement. This year we are taking the opportunity to encourage all of you to learn more about pensions, plan for your retirement (regardless of how near or far away it might be), change your investment options, and update your personal details to ensure you and your loved-one’s future are protected.
When staff join the University you are automatically enrolled to the appropriate pension scheme for you. Your University pension scheme gives you access to a variety of benefits for you and your family, including life assurance.
Take charge of your future today and review your pension details now. Make sure everything is up to date and your savings are invested in the areas that matter the most to you. Simply follow the steps below and remember to update your details if your circumstances change.
What is your pension scheme?
There are four different schemes at the University:
- University Superannuation Scheme (USS), for Professional Services grades 7-10 and academic staff
- University of Sussex Pension Savings Scheme (USPSS), for Professional Services grades 1-6
- University of Sussex Pension and Assurance Scheme (USPAS), some long-serving members of staff may be enrolled on this scheme, and more information can be found in the Scheme booklet, or on the self-service portal run by Clarity by Barnett Waddingham
- National Health Service Pension Scheme (NHSPS), for some BSMS staff
If you are unsure about your scheme, please contact the Pensions team at Pensions@sussex.ac.uk.
Update your personal details
Life and circumstances change, which is why it is important to keep your details up to date, including your name, address and contact details.
You should also be sure to update the details of your next of kin or a beneficiary that you would wish to receive any scheme benefits should you pass away during your working life or in retirement. This step would make it much easier for a loved one to work through this process especially during a very difficult time in their life. Find out how to update your details:
- USS – You can update your details via the members MYUSS portal. You can also fill the Expression of Wish form in the portal or download it from the USS website.
- USPSS – You can update your details via the Retiready from Aegon portal, and fill the Death benefit form, which can also be downloaded from the Aegon website.
- USPAS – You can download the form (login required) or fill the form online via the USPAS portal.
- NHS – You can update your details and obtain the Nomination form from the NHS website. Please note that there are different forms available depending on your circumstances.
Check your investment options
Members of the University’s USPSS and USS schemes have the opportunity to choose from a range of investment options. If you are a member of either of these schemes, check what options are available to you:
- USPSS members can find out more about Scheme Investments in the Retiready from Aegon website.
- USS members that hold savings in the USS Investment Builder section can find more information on the USS website and the MYUSS portal.
Planning for your retirement
Planning for your retirement should start early in your career to help ensure you have an appropriate income when you retire. The earlier you start planning for your retirement, the better the outcome can be. There are some steps you can take if you are thinking about retirement depending on your pension scheme:
- USS
- USPSS
- NHS
- USPAS - Information can be found in the Scheme booklet or available on the self-service portal.
If you would like to learn more about planning for your retirement, why not join the event delivered by financial experts at Affinity Connect on Wednesday 11 September from 9.30am until 12 noon? The course will explore the change to lifestyle that comes with retirement, income needs, state pension inflation and some of the University's Pension schemes (USPSS, USS, USPAS and NHS). Register now.
Further information and advice
- You can read more information about the State Pension Scheme on the Government’s website
- Pension Wise offers a free and impartial service established by the Government to help people understand what their pension choices are and how they work
- MoneyHelper offers a joint-up approach on money and pensions guidance to make it quicker and easier to find the right help, bringing together the support and services of three government-backed financial guidance providers.
- Unbiased UK or Financiable websites provide general financial assistance, including a service to find advisors registered with the Financial Conduct Authority