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Presentation for USS members Eifion Morris APMI

Presentation for USS members Eifion Morris APMI

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Presentation for USS members Eifion Morris APMI

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  1. Presentation for USS members Eifion Morris APMI How USS works Every effort has been made to present accurate information. Members are advised to check with their employer and/or the USS guides to confirm their understanding before acting on any information given. This presentation may be recorded for training and audit purposes.

  2. Agenda

  3. How much will your pension be?

  4. The basics

  5. The calculation

  6. Part-time calculation 40 30 Salary £000s 20 10 3 years 10 years 10 years 5 years 100% 30% 100% 50% 40 10 20 30 Years

  7. Getting more out of USS

  8. Put more in to get more out

  9. Help from the tax man

  10. Help from the tax man

  11. Tax allowances

  12. Would you be affected? • Annual allowance Annual salary Years of service

  13. Would you be affected? • Lifetime allowance Annual salary Years of service

  14. Added years modeller

  15. Money Purchase AVC calculatorwww.pru.co.uk/uss

  16. How to pay AVCs

  17. Bereavement benefits

  18. Benefits for your dependants

  19. When can you stop working?

  20. Normal retirement

  21. Future increases to NPA - 66 October 2020 NPA increases to 66

  22. Early retirement

  23. Flexible retirement

  24. Incapacity retirement

  25. Varying pension and cash

  26. Scheme Valuation 2014

  27. Valuation 2014

  28. What next?

  29. What next? • Pensions office contacts • Prudential www.pru.co.uk/uss0800 234 6913 • USS www.uss.co.ukPensions TV

  30. Your questions

  31. Money Purchase AVC fund early exit charge

  32. Pension increases

  33. Pensionable Salary

  34. Retirement 40000 X 193.5/193.5 = 40000 Pensionable salary calculation 2 38889 X 193.5/188.6 = 39982 3 37612 X 193.5/182.6 = 39857 4 36501 X 193.5/177.9 = 39701 5 34914 X 193.5/174.3 = 38760 6 33327 X 193.5/171.6 = 37580 7 31740 X 193.5/166.5 = 36887 8 30153 X 193.5/164.5 = 35468 9 28566 X 193.5/159.5 = 34655 10 36500 X 193.5/153.8 = 45922 11 31740 X 193.5/149.8 = 41000 12 28566 X 193.5/145.2 = 38068 13 22218 X 193.5/141.8 30318 Year Salary RPI increase Revalued salary = 41663 Back

  35. Benefits on leaving

  36. Options after leaving