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Understanding Auto-Enrolment for USS: Key Information and Next Steps

This presentation outlines the essential aspects of auto-enrolment into the Universities Superannuation Scheme (USS) for employees at the University of Keele. It covers what auto-enrolment is, the history of pension choices, and the benefits of joining USS. Attendees will learn about the cost versus benefits, how pensions are calculated, and what to expect if they choose to opt-out. Resources such as a dedicated web page, drop-in sessions, and email support are available for further inquiries. Always consult your employer for detailed guidance.

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Understanding Auto-Enrolment for USS: Key Information and Next Steps

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Presentation Transcript

  1. Pensions Auto Enrolment Tim Statham – Auto Enrolment Project Team Eifion Morris – USS Communications Ann Allender – Payroll & Pensions Manager

  2. Pensions Auto Enrolment • Introduction • USS Presentation • Questions • Next Steps

  3. Presentation for University of Keele Eifion Morris APMI Auto-enrolment 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.

  4. Agenda

  5. What is auto-enrolment?

  6. What is auto-enrolmentbrief history of pension choices

  7. What is Auto-enrolment?

  8. What is Auto-enrolment?

  9. What is Auto-enrolment?

  10. Why join USS?

  11. Why join USS?

  12. What will you get out of USS?

  13. What will it cost me?

  14. Cost Vs Benefit

  15. The calculation Each year your pension & tax-free cash are calculated and ‘banked’

  16. Example We now need to add increases ‘revaluation’

  17. What does ‘Revalued’ mean?

  18. Example

  19. Additional benefits

  20. Additional benefits

  21. Buy extra benefits

  22. What will you live on if not in USS?

  23. Still don’t want to join?

  24. But remember…

  25. What next? • Auto-enrolment for Keele 1 August 2013 • Web page on auto-enrolment • www.keele.ac.uk/finance/payrollandpensions/ • Further communications • Letters to all employees • Drop-in sessions to be arranged • Queries? • eMailfinance.autoenrolment@keele.ac.uk

  26. Your questions • What happens if I want to opt-out, but don’t do so in time for my August pay? • I’m a USS pensioner that has retired early. Will I be automatically enrolled back into USS? • Can Payroll send me an opt-out form ready for 1 August? • How do I opt-in to USS?

  27. Next Steps • Video of USS presentation • Website • Team Briefings & Drop In Sessions • Email address • Letter to all affected staff – July 2013 • 1stAugust 2013 – start date

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