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USS Retirement Income Builder Change

I am hoping someone may be able to shed some light on this  :)
Last December, I looked at the USS benefits I built up so far in the Retirement Income Builder part. These were a pension of £15k p.a. And a lump sum of £25k or thereabouts.
When I checked again towards the end of January, the Retirement Builder now shows I’ll receive a pension of approximately £25k p.a. And a lump sum of £32k.
Is this an error?? I’ve tried asking USS but they told me to wait until after the annual statement is issued in March, but this is worrying me in case it’s all wrong.
Any help gratefully appreciated. Thank you  :)

Comments

  • MPLMPL
    MPLMPL Posts: 83 Forumite
    Seventh Anniversary 10 Posts Name Dropper
    Neither makes sense to me. The pension commencement lump sum is 3 x the DB pension. What did last year's annual statement give as pension and lump sum? That should be correct, it should then be straightforward to work out what it will be when the next annual statement is due.
    A few years ago it took a while for them to report mine correctly because of making additional contributions to add extra years when it was the final salary scheme. Even so, the lump sum was always 3 X the pension.
    I have no knowledge of how transfers in to USS are treated, or even if possible to the retirement income builder. Is any of this transferred in from another scheme?
  • No, it doesn’t make sense to me either  :( Nothing has changed since the last annual statement, which stated a pension of £7000 per year and a lump sum of £20k! Thanks for commenting though.
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