USS: what happens to contributions between January and April 2024?

Southend_2

Pendle_Gazza said:

squawkbox said:

Perhaps this is a little off topic, but what are current members in the USS planning to do with the decrease in the employee contribution rate?  

Take the extra salary or put that 3.7% difference in the DC part of the scheme? Or something else?

I'm hoping I'll shove most of my "extra income" into a personal SIPP. Whether that happens is another matter lol. 

Once no more will be added to my DC from April with the salary threshold reversal, I'm also considering moving what's been accumulated in there into the same personal SIPP. 

Don't forget USS investment builder fees are employer subsidised. Something to factor in when comparing with other options.

Pendle_Gazza

Southend_2 said:

Pendle_Gazza said:

squawkbox said:

Perhaps this is a little off topic, but what are current members in the USS planning to do with the decrease in the employee contribution rate?  

Take the extra salary or put that 3.7% difference in the DC part of the scheme? Or something else?

I'm hoping I'll shove most of my "extra income" into a personal SIPP. Whether that happens is another matter lol. 

Once no more will be added to my DC from April with the salary threshold reversal, I'm also considering moving what's been accumulated in there into the same personal SIPP. 

Don't forget USS investment builder fees are employer subsidised. Something to factor in when comparing with other options.

Yes, thanks for taking the time to mention. I am aware of this, but the amount in there isn't overly significant, and to be honest has barely increased beyond the contributions, so whatever I decide on this wouldn't really be disastrous even if wrong. Whereas when I want to retire, I'll definitely be getting someone in who I hopes knows what they are doing! 😊

swindiff

Pendle_Gazza said:

squawkbox said:

Perhaps this is a little off topic, but what are current members in the USS planning to do with the decrease in the employee contribution rate?  

Take the extra salary or put that 3.7% difference in the DC part of the scheme? Or something else?

I'm hoping I'll shove most of my "extra income" into a personal SIPP. Whether that happens is another matter lol. 

Once no more will be added to my DC from April with the salary threshold reversal, I'm also considering moving what's been accumulated in there into the same personal SIPP. 

Does your employer not offer Salary Sacrifice?

ussdave

Pendle_Gazza said:

Southend_2 said:

Pendle_Gazza said:

squawkbox said:

Perhaps this is a little off topic, but what are current members in the USS planning to do with the decrease in the employee contribution rate?  

Take the extra salary or put that 3.7% difference in the DC part of the scheme? Or something else?

I'm hoping I'll shove most of my "extra income" into a personal SIPP. Whether that happens is another matter lol. 

Once no more will be added to my DC from April with the salary threshold reversal, I'm also considering moving what's been accumulated in there into the same personal SIPP. 

Don't forget USS investment builder fees are employer subsidised. Something to factor in when comparing with other options.

Yes, thanks for taking the time to mention. I am aware of this, but the amount in there isn't overly significant, and to be honest has barely increased beyond the contributions, so whatever I decide on this wouldn't really be disastrous even if wrong. Whereas when I want to retire, I'll definitely be getting someone in who I hopes knows what they are doing! 😊

Are you aware of the ability to draw a significant portion (potentially all) of your Investment Builder pot tax free?  Unless you have specific needs regarding flexibility of drawdown dates or have already maxed out this tax free benefit it will probably make more sense to increase your USS payments rather than pay into a SIPP.

swindiff

As with all investments the growth will depends on how you have it invested. I have the majority of my investment builder in the Sharia fund and Global Equity fund which have grown by 27% and 14% respectively in the last 12 months.  I am more than happy with that.

Asimovs_nightfall

I have a tangential question to this. What happens with USS retirement quotes requested/provided between now and April 2024?