USS Retirement Question

Tarama

PJM_62 said:

FYI

I just had a letter back from USS answering a question I had. In it, it was highlighted to me that
"If you intend to retire on or after 1 April 2022, the option to convert your IB savings into additional RIB pension will no longer be available."

Interesting and as has been commented here - the awful commutation factor of IB to RIB was clearly to act as a deterrent.  Also interesting in my own case that USS did not make me aware of this when I received a retirement quotation.

Tarama

Tarama

PJM_62 said:

swindiff said:

Just out of interest what was the conversion rate.  I noticed the rate for converting investment builder to annual pension was close to 40 the last time I checked.

RIB > Pension 50.17
IB > 46.72

no great

PJM-62 thanks for sharing - I received
a retirement quote from USS a few months ago and discussed it with my Uni pensions department.   The IB commutation factor I was given was IB - Pension - 38.1413.  So is this now changing monthly? 

i think anyone nearing retirement with USS at present needs to be very vigilant.  As a previous poster said these changes are not advertised - and the trustees can make these changes without any consultation.  

Tarama

PJM_62

It did say in the letter that website being updated later in the year.
But a future change so fundamental should be on there straight away.  Esp if its already going into letters sent out.

Tarama

PJM_62 said:

It did say in the letter that website being updated later in the year.
But a future change so fundamental should be on there straight away.  Esp if its already going into letters sent out.

I find the website to be very poor.  For me personally it has never updated annual statement and the modellers do not work in my circumstances.  As for updating the commutation etc changes - I do not think this has or will happen. 

PJM_62

Tarama said:

I find the website to be very poor.  For me personally it has never updated annual statement and the modellers do not work in my circumstances.  As for updating the commutation etc changes - I do not think this has or will happen. 

You're allowed 2 quotes in each 12 month period.  Might be worth asking for another.  

For my recent quote I made it clear in the request that I would like a quote including the option for taking max TFLS using standard LS + IB pot,  but not converting remainder of IB to pension. 

Tarama

PJM_62 said:

Tarama said:

I find the website to be very poor.  For me personally it has never updated annual statement and the modellers do not work in my circumstances.  As for updating the commutation etc changes - I do not think this has or will happen. 

You're allowed 2 quotes in each 12 month period.  Might be worth asking for another.  

For my recent quote I made it clear in the request that I would like a quote including the option for taking max TFLS using standard LS + IB pot,  but not converting remainder of IB to pension. 

Thanks PJM-62

I have been able to work out the various permutations (due to the kind and knowledgeable folks on here) and my local Pensions department are clear what I want to do on retirement - maybe next summer.  But I have learned you need to know what it is possible to do re the current USS pension rules and to ask for this.  I will be doing what  you are doing.

Tarama

swindiff

Is anyone having problems logging into myuss this morning.  My login details are not being recognised?

bluenose1

swindiff said:

Is anyone having problems logging into myuss this morning.  My login details are not being recognised?

Just tried, I can’t get in either.

PJM_62

same.
says my password not recognised.

swindiff

Phew glad it's not just me. Guess they have server problems atm.