Rejoining USS after working in private sector

deltrotter

Hi everyone

It now looks very likely that I will be returning to the UK university sector this autumn and will rejoin the USS (having previously paid in for 20 years).

Working in the private sector for the last four years I took out critical illness and income protection insurance.

I'd like to cancel these I think on rejoining USS as the above may be covered by the USS scheme but sure I read somewhere that I would not get protection until I had been a member for two years.

Does anyone know if that includes rejoiners?

Anything else i should be aware of in terms of my thinking on this?

TIA

Del

Marcon

deltrotter said:

Hi everyone

It now looks very likely that I will be returning to the UK university sector this autumn and will rejoin the USS (having previously paid in for 20 years).

Working in the private sector for the last four years I took out critical illness and income protection insurance.

I'd like to cancel these I think on rejoining USS as the above may be covered by the USS scheme but sure I read somewhere that I would not get protection until I had been a member for two years.

Does anyone know if that includes rejoiners?

Anything else i should be aware of in terms of my thinking on this?

TIA

Del

I imagine you're thinking of ill health early retirement, which isn't directly comparable to the two insurances you've taken out. Critical illness may qualify you for payment from an insurance policy, but not meet the terms of ill health retirement for USS. Depending on the terms of your income protection policy, there may again be differences (eg are you covered for redundancy under your policy?).

deltrotter

Hi Marcon - not covered for redundancy, the Income Protection one is:

"To pay a regular monthly income, to help replace some

of your lost income, and help you cope financially if you

are unable to work because of sickness or accident."

The Critical Illness pays a lump sum if I am diagnosed with a variety of conditions.

I guess I am not comparing like with like in terms of the USS. Say I was off work for two years for some illness, that doesn't necessarily mean I would get early retirement but I would also not get paid either for the full two years.

So maybe I would be 'better off' keeping these insurances (and of course hope I do not need to cash them in!)

Cheers

Del