USS restoration of benefits

LancsTall

Hi All 
This is a bit specific. The USS have agreed to restore benefits to pre-2022 (?) levels  in April 24 - benefits which they reduced in (I think) 2022.  I'm retiring at the end of December 2023 - and originally expected to claim my USS pension at that stage.

But now the benefits have reverted back to their previous good levels, I'm wondering if I will lose out if I claim before April.  

So...... should I delay taking my USS pension till after April 2024 - that is, still retiring but holding back from claiming my pension till after the new restoration of benefits? Or will the new agreement mean that it is applied to all of us? 


 

LancsTall

Ah and I now understand that because I'll be beyond normal state pension age, I'll need to take my USS pension anyway if I do retire. Thanks for any help folk can give me. 

Asimovs_nightfall

The lack of detail on the agreement is one of the current problems and the consultation period doesn't end until November 24th. If the expected implementation of the new valuation and restoration is next April, then common sense would suggest you would miss out from payments into the pension from that point, as you won't be paying in.

There is a "a one-off defined benefit (DB) pension augmentation [that] should be given to scheme members with any service between 1 April 2022 and 31 March 2024. This pension will be increased each year in line with the USS standard pension increase (soft-cap), and will include the associated retirement lump sum and dependants’ benefits."

Common sense would also indicate you would receive this.  You've probably worked this out yourself, but hopefully some of the USS experts on here will offer more insight.

LancsTall

Thanks Asimovs_nightfall - that was really helpful.