USS annual profile update

BoyJohn811

Hi, I was wondering if someone knows when USS updates user profiles (i.e., the money we build up). I believe these happen annually at the end of March, however, I can only see entries until 31st March 2020. It is August 2021 now, should it not show until 31st March 2021? Does it take so long? Thanks.

Simes122

Normally not till the Autumn.  October I think.  I’ve no idea why it takes so long!

ussdave

Yeah, I can never remember when it is so I end up logging in every month (or more frequently) to check.  I thought at one point it might be waiting for more processing of end of financial year but as Simes122 says it's far later than that.

BoyJohn811

Thank you very much for the replies, so it is 'normal' then; I just wait.

ElmoR

I read somewhere that it would be in September this year, but not sure where I spotted that.

It occurred to me that since everything is up in the air and they don't have solutions yet, that this annual statement cannot be calculated?!

ussdave

ElmoR said:

I read somewhere that it would be in September this year, but not sure where I spotted that.

It occurred to me that since everything is up in the air and they don't have solutions yet, that this annual statement cannot be calculated?!

It's based off the benefits you accrued in the last financial year so that can be calculated. 

I did wonder if cpi took longer to calculate and that was the cause but I don't think that's the case.

Simes122

ussdave said:

ElmoR said:

I read somewhere that it would be in September this year, but not sure where I spotted that.

It occurred to me that since everything is up in the air and they don't have solutions yet, that this annual statement cannot be calculated?!

It's based off the benefits you accrued in the last financial year so that can be calculated. 

I did wonder if cpi took longer to calculate and that was the cause but I don't think that's the case.

I think the CPI figure they use for the Pension Input Amount calculation is from the September figure (ie Sep 2020).   Everything is known at the end of the 20/21 tax year, so I've no idea why they can't push the button and publish within a few weeks after 5 April.  It's annoying as the DB pension figure they display on MyUSS can be as much as 18 months out of date.

ElmoR

Were they not proposing that the "new" proposed formula for the DB part (that neither the employers nor the employees have agreed to) be back dated to Oct 2020? That would change the calculation?

ussdave

I don't think they can legally do that.  Those benefits are already accrued (even if the USS site hasn't been updated).

ElmoR

I soooo hope you are right ussdave

The site drives me nuts. I still pay extra years AVCs that were set up in 2001. They cannot factor that in to the website display. I feel like I'm throwing darts at a dartboard in the dark.

Simes122

It's been the same delay since I've been a member of USS - never gets updated till the autumn.  Unlikely to be anything to do with future changes, that I agree with ussdave wouldn't be retrospective.    In another gripe, I've been waiting 3 weeks for a pension statement - nothing heard from them since making the request via the website.  Not even an acknowledgment.