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USS - General discussion
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Barralad77 said:You’ll probably have to check with USS how they would view that, but I suspect it might not be acceptable to them.swindiff said:A sabbatical might be a way round it rather than unpaid leave?0
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Asimovs_nightfall said:Twigwidge said:@Barralad77 No in fact the only things that she mentioned were the 1.7% uplift (instead of the 2.5% baked into the model) and possible underperformance of investments as the likely causes in the drop, I got the impression that she did not really know and suggested that I get a new quote for the most accurate figures. I am surprised that more people are not posting about this on here to be honest2
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I find it galling that the only explanation offered thus far (that the annual uplift was 1.7% rather than the 2.5% assumed by the modeller) clearly isn’t the only reason and that the people you speak to are completely in the dark as to what the full explanation is. If the difference really was solely due to a lowering in the annual uplift of 0.8% then my annuity would be valued at somewhere around £100,000. Sadly, it’s nowhere near that (if it were, I would be much less bothered about the difference between March and today). What also irritates me is that - at least in my experience - when the advisor on the phone says they don’t have the answer they rarely, if ever, say they’re going to find someone who does have the answer and get back to you. That would be helpful but, alas, USS tends to be lacking in that department.
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Morgan-Green said:Thanks for the advice so far. I'm going to ask in individual consultation if the uni will consider retaining my services on a 0.2FTE contract to my 60th next March, but in the meantime I have started a £1k monthly additional contribution to the Investment Builder regardless. If they decline a fractional contract I will take VR and add the payment to the DC savings as a lump sum.
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Morgan-Green said:Morgan-Green said:Thanks for the advice so far. I'm going to ask in individual consultation if the uni will consider retaining my services on a 0.2FTE contract to my 60th next March, but in the meantime I have started a £1k monthly additional contribution to the Investment Builder regardless. If they decline a fractional contract I will take VR and add the payment to the DC savings as a lump sum.
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Asimovs_nightfall said:Often with VR, there is a period before being able to be re-hired, so check that out too (i.e. 3 years).
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Asimovs_nightfall said:Morgan-Green said:Morgan-Green said:Thanks for the advice so far. I'm going to ask in individual consultation if the uni will consider retaining my services on a 0.2FTE contract to my 60th next March, but in the meantime I have started a £1k monthly additional contribution to the Investment Builder regardless. If they decline a fractional contract I will take VR and add the payment to the DC savings as a lump sum.
Not sure on the T&C's and whether that includes any type of employment. They love a contractor!1 -
It is 5 years at the Uni my OH is taking VS from. Seems a very long time, not that she will be going back.
Not sure on the T&C's and whether that includes any type of employment. They love a contractor!0 -
Barralad77 said:I find it galling that the only explanation offered thus far (that the annual uplift was 1.7% rather than the 2.5% assumed by the modeller) clearly isn’t the only reason and that the people you speak to are completely in the dark as to what the full explanation is. If the difference really was solely due to a lowering in the annual uplift of 0.8% then my annuity would be valued at somewhere around £100,000. Sadly, it’s nowhere near that (if it were, I would be much less bothered about the difference between March and today). What also irritates me is that - at least in my experience - when the advisor on the phone says they don’t have the answer they rarely, if ever, say they’re going to find someone who does have the answer and get back to you. That would be helpful but, alas, USS tends to be lacking in that department.
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Neither. I’m looking at the numbers before deciding whether [a] to take any of the IB and/or [b] carry out any reverse commutation. In other words, the value of the annuity (and the 3 x TF lump sum) displayed at Step 1 in the modeller (the IB doesn’t come into play at all in this). Put another way, I’m only comparing the defined benefit elements of the scheme, not any impact of the defined contribution element (as that would mean not comparing like-for-like because of the fluctuations in the value of the DC element due to market forces).
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