USS - General discussion

ussdave

USS being as clear and reliable as ever yet again...

MPLMPL

swindiff said:

I have noticed that the retirement income builder has now been updated to include up to 31/03/2024.  Does anyone know if this includes the £215 uplift, or is this still to be added?  I seem to remember someone saying that the uplift would not be added until 1st June.

Looks correct on mine. 2023/24 showing as £697.41. Threshold was £41000, so £41000/85 + £215 = this.

ussdave

MPLMPL said:

swindiff said:

I have noticed that the retirement income builder has now been updated to include up to 31/03/2024.  Does anyone know if this includes the £215 uplift, or is this still to be added?  I seem to remember someone saying that the uplift would not be added until 1st June.

Looks correct on mine. 2023/24 showing as £697.41. Threshold was £41000, so £41000/85 + £215 = this.

I could be wrong but isn't that the threshold for 22/23 and should've been increased to £42,035 (CPI capped at 2.5%) for the 23/24 tax year?  

That said, your figures make sense if it was still £40k.

MPLMPL

It's late and I've been drinking, but wasn't 2022-23 threshold £40,000? That's when the scheme changed to a cap and to 1/85. Then 2023-24 increased by 2.5% cap to £41,000? 41000/85 = £482.35. Add £215 = £697.35. 
My 2022/23 amount is £498.21. This is £40,000/85 = £470.59 increased by CPI 6.7% so soft cap rise is 5.85% (5 + 1.7/2).

ussdave

MPLMPL said:

It's late and I've been drinking, but wasn't 2022-23 threshold £40,000? That's when the scheme changed to a cap and to 1/85. Then 2023-24 increased by 2.5% cap to £41,000? 41000/85 = £482.35. Add £215 = £697.35. 
My 2022/23 amount is £498.21. This is £40,000/85 = £470.59 increased by CPI 6.7% so soft cap rise is 5.85% (5 + 1.7/2).

As had I. I think my maths and memory were far more dubious than yours

My 2022/23 figures match yours.  I think you're right on this one.

swindiff

I concur, looks like it is probably right and includes the £215.  Thanks

FIREmenow

Spot on (bar £4)!

FIREmenow

I was wondering if repurposing/renaming this thread as a general USS discussion space would be of interest? That's if the OP @uss_tish is still reading the forum after having hopefully retired!

We could start a new one, but this thread has a few good years of knowledge of the more recent changes, how to calculate maximum lump sum etc, and plenty of people follow it already.

There's a small band of us and having a main place to figure out what on earth USS are doing and direct newbies to could be handy! 

bluebirdy

I second this idea!

swindiff

Good Idea