Is University pension (USS) good?

Dear All,

Could you please advise me on University pension scheme (USS), should I take it or not? I just got employed at a University (and most likely to be an academic for the rest of my life). I know that there is employer's contribution to USS, but on the other hand it is less flexible than personal pension and I cannot figure out what I can actually get in the end and how would it be compared to other pensions. I am 24 and basic tax payer. Do I need to start pension now or is it better to build cash ISA first? Or is it better to start the pension earlier and get tax relief and uni contributions?

I am really confused planning 30-40 years ahead, what could you suggest?

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    AFAIK the USS scheme is one of the best final salary schemes around and you should go for it.
    Trying to keep it simple...;)
  • ard123en
    ard123en Posts: 265 Forumite
    my other half is in the uni scheme it looks one of the best scheme ive seen and final salery schemes are not easy ot find now id join it now if I were on your positon
  • clairehi
    clairehi Posts: 1,352 Forumite
    Agree with the others. Join!
  • pjala
    pjala Posts: 420 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Ok, comparing the AVC and the buying addional years of the university pension scheme (teachers pension scheme), which is better? Or is it better to buy into a SIPP?
    Thanks
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.4K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.3K Work, Benefits & Business
  • 597.9K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.