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Presentation for USS members Eifion Morris APMI

Presentation for USS members Eifion Morris APMI. Your USS Journey.

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Presentation for USS members Eifion Morris APMI

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  1. Presentation for USS members Eifion Morris APMI Your USS Journey 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. What will I get? Full-time member Years’ service Pension as % of salary If salary was £40,000 with 30 years service benefits:- Pension of 30/80 X £40,000 = £15,000 pa PLUS Tax-free cash of 3 X Pension = £45,000

  8. How big will your pension be? Average service 32 years X 1/80th Average salary £42,000 pa Average pension £16,800 pa

  9. Getting more out of USS

  10. Put more in to get more out

  11. Help from the tax man

  12. Help from the tax man

  13. Tax allowances

  14. USS tax options

  15. Added years modeller

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

  17. How to pay AVCs

  18. Other benefits

  19. Transfers in to USS

  20. Benefits for your dependants

  21. What if you leave?

  22. Benefits on leaving

  23. Options after leaving

  24. When can you stop working?

  25. Normal retirement

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

  27. Early retirement

  28. Flexible retirement

  29. Incapacity retirement

  30. Varying pension and cash

  31. What next?

  32. What next? • Pensions office contacts • Prudential – www.pru.co.uk/uss • 0800 234 6913 • USS website – www.uss.co.uk • Slides available here • Pensions TV

  33. Your questions

  34. Money Purchase AVC fund early exit charge

  35. Pension increases

  36. Pensionable Salary

  37. 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

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