USS annual profile update

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BoyJohn811 said:

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.

Just logged in today and they have now updated to the 31st March 2021 value (was still 2020 yesterday).

ussdave

They must have done that during today.  I logged in this morning and it wasn't updated Looks good now.  

Tomatillo

Thanks for the headsup. The figures seem to have updated but the annual statement isn't available in the documents. The inflation figure applied was rather lower than in previous years. 
I see that the update has coincided with them sending out an email to tell us all about the downgrading of benefits https://www.uss.co.uk/for-members/articles-for-members/2021/09/09092021_proposed-changes-to-your-contributions-and-benefits 

atw_uss

Tomatillo said:

Thanks for the headsup. The figures seem to have updated but the annual statement isn't available in the documents. The inflation figure applied was rather lower than in previous years. 
I see that the update has coincided with them sending out an email to tell us all about the downgrading of benefits https://www.uss.co.uk/for-members/articles-for-members/2021/09/09092021_proposed-changes-to-your-contributions-and-benefits 

Just been reading about this. Good to see previous DB contributions are protected by law, but the proposed changes are worrying and drastic. By contrast the union's proposed solution didn't seem workable to me either (i.e. employees paying less and employers more - I just can't see that as realistic in the current climate), so it looks like they will be at loggerheads again in the coming months ...

Simes122

atw_uss said:

Tomatillo said:

Thanks for the headsup. The figures seem to have updated but the annual statement isn't available in the documents. The inflation figure applied was rather lower than in previous years. 
I see that the update has coincided with them sending out an email to tell us all about the downgrading of benefits https://www.uss.co.uk/for-members/articles-for-members/2021/09/09092021_proposed-changes-to-your-contributions-and-benefits 

Just been reading about this. Good to see previous DB contributions are protected by law, but the proposed changes are worrying and drastic. By contrast the union's proposed solution didn't seem workable to me either (i.e. employees paying less and employers more - I just can't see that as realistic in the current climate), so it looks like they will be at loggerheads again in the coming months ...

It also looks like limiting employer contributions to 20% over 40k is a fairly significant saving for employers!  A very obvious pay cut to deferred pay for staff on higher salaries.  Impossible to work out how much institutions will save mind you!

atw_uss

Yes, I agree - this looks like  saving to the employers. No wonder they agreed to it - it will be interesting to see what happens over the consultation period now. Speaking to colleagues, I don't sense much enthusiasm for industrial action, but it could be unavoidable unless the different sides start talking to each other properly very soon!

swindiff

Simes122 said:

atw_uss said:

Tomatillo said:

Thanks for the headsup. The figures seem to have updated but the annual statement isn't available in the documents. The inflation figure applied was rather lower than in previous years. 
I see that the update has coincided with them sending out an email to tell us all about the downgrading of benefits https://www.uss.co.uk/for-members/articles-for-members/2021/09/09092021_proposed-changes-to-your-contributions-and-benefits 

Just been reading about this. Good to see previous DB contributions are protected by law, but the proposed changes are worrying and drastic. By contrast the union's proposed solution didn't seem workable to me either (i.e. employees paying less and employers more - I just can't see that as realistic in the current climate), so it looks like they will be at loggerheads again in the coming months ...

It also looks like limiting employer contributions to 20% over 40k is a fairly significant saving for employers!  A very obvious pay cut to deferred pay for staff on higher salaries.  Impossible to work out how much institutions will save mind you!

What I couldn't tell was does that "employer contribution" of 20% include the 9.8% from the employee.  Or is it 29.8% of contributions over £40k go into the investment builder?  If you are salary sacrificing all contributions are technically employer contributions.

Tomatillo

I am sure that I saw a fairly simplistic infographic on their website a few days ago which suggested that it would be 20% of all contributions above 40K into the investment builder. I can't find it now. I find the information on the website frustratingly lacking in detail. 

ussdave

I seem to recall that it's 20% from the employer, not 20% including your own, but to be honest I wouldn't put it past them to purposefully word it vaguely so that we make an assumption...

The UCU modeller is quite handy for getting a rough idea of how the new changes will impact you: https://www.ucu.org.uk/ussmodeller

swindiff

Have they actually updated the modeller then to reflect the changes? 

Edit: sorry just realised it's a UCU modeller