USS Projected DB Pension mostly worse Since April 2024

FIREmenow

Not just me then!

USS348

Changes to the ERFs due to be implemented on 01 April 2024 have been deferred until 01 October 2024. Other changes due, such as those to Late Retirement factors, will go ahead on 01 April 2024 as they are generally positive for scheme members. There is now a window for scheme members to consider Early Retirement before 01 October 2024 and receive better rates. I understand UCU have queried how new rates were calculated and are still negotiating with USS about 01 October 2024 changes. 

BikingBud

USS348 said:

Changes to the ERFs due to be implemented on 01 April 2024 have been deferred until 01 October 2024. Other changes due, such as those to Late Retirement factors, will go ahead on 01 April 2024 as they are generally positive for scheme members. There is now a window for scheme members to consider Early Retirement before 01 October 2024 and receive better rates. I understand UCU have queried how new rates were calculated and are still negotiating with USS about 01 October 2024 changes. 

It a wholesale shambles!

MPLMPL

What a way to run things... I wonder if they'll communicate this to members?
Having planned to retire in September this year, I was resigned to working at least an extra year because of April 2024 changes to ERFs. Couldn't bring retirement forward as not 55 until summer. Just sent a request for a retirement quote for 30th September as a result if this revised implementation date, so may now be able to go as planned. I feel for those who rushed to bring their retirement forwards to March this year.
Really unsure what to do. Hadn't made any official noises at work retirement, but had told several colleagues who would be impacted (there's a lot of my teaching to pick up if I go) that I was 95% certain to go this September. Just before Easter I made the decision to carry on for at least another year as difference the new ERFs made was just too much. Told same colleagues last week that I'm staying. Much relief from said colleagues as there is now a post freeze, so there would be a load of teaching and admin roles to pick up.
I need to wait for the quote and probably updates on UCU negotiations that previous poster mentions before having a difficult decision to make.
Part of me thinks that post freezes typically morph into voluntary severance packages a few more months down the line. That would be worth hanging around for. 
Damn it, early January I was so certain I was going at the end of September. Had enjoyed many moments of "thank goodness that's the last time I have to run that assessment, mark those exams, give that lecture, attend these tedious meetings, perform that admin task etc."

ussdave

Agreed with the assessment of this situation as a "shambles".  Awful way to treat members.

I'm young enough I could only watch from the side lines on this but it exacerbates the issue of complete lack of trust members have with USS.  Terrible.

@MPLMPL
Difficult situation but ultimately you need to take care of yourself first and foremost.  Given the ever changing situation I think it's reasonable for you to need to change your approach accordingly.  

2nd_time_buyer

At least we can take comfort that the USS (us) has a 20% stake in Thames water. 

https://www.uss.co.uk/news-and-views/latest-news/2021/12/12032021_uss-increases-thames-water-investment

Simes122

Shambles indeed!  Was planning on going end Apr.  New factors announced making that a poor decision.  So damaged limited it by going end March, forgoing a months salary, and the one off uplift payment, and the one off uplift x3 on my lumpsum.  Not to mention a lot of stress!  This protected my position but was materially worse than it would have been had I waited till end Apr.  If they’ve pushed back the date now, I am materially disadvantaged by several k.  Do I have the right to some kind of redress here?  Loss of earnings, loss of lump sum catch up payment etc?

bluebirdy

I don’t understand. If the revised ERFs have *not* been applied to the calculator, why does my current projection still look WORSE than the earlier ones for early retirement?! I’ll share my saved docs when I’m back home but my current “retire at 60” (in three years) projection should be BETTER because of the increased accrual rate. But IIRC (am away) it is definitely now a lower IB annual rate and lower lump sum.

How are we supposed to plan anything in this dog’s dinner!?

BikingBud

What accountability do they have for any decisions members have made based upon flawed information?

It's very clear that advice needs to be taken but when that advice can only be based on something that is arbitrarily changed on the eve of having committed to an irrevocable decision due diligence becomes worthless!

BikingBud

Simes122 said:

Shambles indeed!  Was planning on going end Apr.  New factors announced making that a poor decision.  So damaged limited it by going end March, forgoing a months salary, and the one off uplift payment, and the one off uplift x3 on my lumpsum.  Not to mention a lot of stress!  This protected my position but was materially worse than it would have been had I waited till end Apr.  If they’ve pushed back the date now, I am materially disadvantaged by several k.  Do I have the right to some kind of redress here?  Loss of earnings, loss of lump sum catch up payment etc?

I feel a letter coming to USS asking for illustrations of the different scenarios, ERF and uplift payments before and after Apr 24 and also confirming when they knew they would be moving the ERF change implementation date to Oct 24.

They certainly didn't tell me about it on my illustration and subsequent discussion in mid March.