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USS mess - Statements v. Summary

WitchGrobags
Posts: 9 Forumite

Question for any USS experts - how reliable is the "Your Summary" information presented on the front page of the members' bit of the website? It seems to be giving the same information as the Annual Statement, and in almost identical language: "Here's what you've built up"; "Here's what you've saved" - which sounds pretty firm and authoritative. But I now find that the amounts which were showing on my Summary page have been changed (ie, reduced) from what they were last time I looked. Given that I'd always assumed (and been told in the past by work pensions officer, when we had one) that the two things were essentially the same, interchangeable, this has been an unpleasant surprise.
At the same time, perhaps not coincidentally, USS have written to say that, whoops, they made a mistake with the Illustrator tool which they have now put right, and not to use it as the basis of any calculations (but, hmm, what else is it for?). Well, actually I've never taken much notice of the Illustrator, but the problem is, I HAVE used the information on the Summary page (and the quote for 20% retirement flex that USS sent this time last year) as the basis of calculations for a flex this year, which I've told my employer I will be taking.
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I had an experience recently where everything was lower. I contacted them and they replied - after a while - to say "A recent data update affected the figures you can view online, but it has now been corrected... you will find the original figures have been restored."
They were. Remember that the benefit calculator are estimates but the the summary does reflect as you note, the figures in the Annual Statement.
Hope this helps a bit.0 -
Asimovs_nightfall said:I had an experience recently where everything was lower. I contacted them and they replied - after a while - to say "A recent data update affected the figures you can view online, but it has now been corrected... you will find the original figures have been restored."
They were. Remember that the benefit calculator are estimates but the the summary does reflect as you note, the figures in the Annual Statement.
Hope this helps a bit.0 -
Can I just check that you’re saying that the Summary (today) is lower than was showing a few weeks/months ago? The figures produced by the modeller can be all over the place (up-down-up….) but I’ve never known the ‘Summary’ figure to go down (from memory).As for the quote, I was under the impression that USS only provide a quote for a date within 6 months of the request. Are you saying that they sent you a quote last summer for a date over 12 months later?0
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The figures just under Retirement Income Builder under Your Summary - where it says "Here's what you've built up to 31 March 2025 in the defined benefit part of USS:" absolutely shouldn't be decreasing under normal circumstances, no. Are you sure they have? If you have evidence, especially if it's actually less than your last annual statement, I'd take that up with USS. Worth looking under View breakdown to see if you can work out what year is anomalous.
The other part, "Here's what you've saved up to 30 July 2025 in your Investment Builder pot, the defined contribution part of USS: " changes daily and can be as volatile as whatever you have it invested in.
In general USS will provide a quote up to 12 months in advance, not 6. It too is an estimate, despite the name.0 -
In general USS will provide a quote up to 12 months in advance, not 6. It too is an estimate, despite the name.0
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Barralad77 said:In general USS will provide a quote up to 12 months in advance, not 6. It too is an estimate, despite the name.
To me 6 months looks ridiculously short for planning purposes, I think it says 12 months in the written rules so I would raise a complaint in your position.0 -
MarlowMallard said:Barralad77 said:In general USS will provide a quote up to 12 months in advance, not 6. It too is an estimate, despite the name.0
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