USS Pension

2

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  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
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    wallofbeans wrote: »
    And if I don't retire at 65, can I start getting it even if I am still working?

    Read this: https://www.uss.co.uk/members/members-home/retiring

    Yes, you can.

    Basically, if you retire at your normal pension age (NPA) or 65 you can take your USS Retirement Income Builder benefits in full. If you retire before the scheme's NPA (excluding retirement due to ill health), any pension you receive from the USS Retirement Income Builder section will be reduced because taking your benefits early means they will be paid for a longer period of time. It is 4% reduction for each year before NPA. So if you want to take it 10 years before at 55 (minimum age) then you would take 40% reduction in the pension.
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    Sort of, the link below covers early, normal late and flexible retirement where you can get (some?) of your pension and continue working.

    https://www.uss.co.uk/members/members-home/retiring

    This is assuming you are still working for a USS employer.

    If you have left and are say on the checkouts at Waitrose then yes you can take your pension at the normal retirement age for USS.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Dazed_and_confused wrote: »
    it will cost the country a lot of money to provide you with this pension when you retire

    No; USS is a private scheme.
    Free the dunston one next time too.
  • bluenose1
    bluenose1 Posts: 2,665 Forumite
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    wallofbeans wrote: »
    I think I am looking at it from the wrong angle and do need to change my perspective on pensions.

    My brain is firstly asking why I need to save all that money for when I am just sitting in a chair and watching Countdown, and aren't I better off having it and spending it now.

    I remember a friend's dad in his 70s once telling how he thought it was all the wrong way round, and that he had so much money now when he didn't need it, but had nothing when he was young and could have done with it. And I think of that, when I look at pensions.

    But I can see that that's probably a naive and immature angle on it. This thread is already helping to make me look at this a different way, so thank you!

    A lot of us are saving extra to our pensions so that we can retire early, and enjoy it before we hit our 70s.
    I am in USS and paying extra to hopefully retire mid 50s. For every £100 that goes into my pension it has only cost me £68 as you don't pay tax and NI on your USS contributions at most Universities.
    I am hoping to drawdown the extra I save tax free until my other pensions start.
    My one regret is I didn't realise this years ago as spent a lot of my life spending money on things I didn't need.
    Took me ages to get my head round it all.
    Money SPENDING Expert

  • Silvertabby
    Silvertabby Posts: 9,021 Forumite
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    “ I think I am looking at it from the wrong angle and do need to change my perspective on pensions.

    My brain is firstly asking why I need to save all that money for when I am just sitting in a chair and watching Countdown, and aren't I better off having it and spending it now.

    I remember a friend's dad in his 70s once telling how he thought it was all the wrong way round, and that he had so much money now when he didn't need it, but had nothing when he was young and could have done with it. And I think of that, when I look at pensions.

    But I can see that that's probably a naive and immature angle on it. This thread is already helping to make me look at this a different way, so thank you!
    Originally posted by wallofbeans


    I bet your friend's dad was living on more than just the State pension !
  • prowla
    prowla Posts: 13,162 Forumite
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    (I thought this was going to be a new American aircraft carrier...)
  • belfastgirl23
    belfastgirl23 Posts: 8,025 Forumite
    Name Dropper First Post First Anniversary I've been Money Tipped!
    wallofbeans wrote: »
    I think I am looking at it from the wrong angle and do need to change my perspective on pensions.

    My brain is firstly asking why I need to save all that money for when I am just sitting in a chair and watching Countdown, and aren't I better off having it and spending it now.

    I remember a friend's dad in his 70s once telling how he thought it was all the wrong way round, and that he had so much money now when he didn't need it, but had nothing when he was young and could have done with it. And I think of that, when I look at pensions.

    The things you like and want now - you will probably like and want in the future. So the question is, do you WANT to spend your retirement watching countdown? And if so, do you want to sit in a comfy chair in a warm house and watch countdown? Would you be ok with sitting on the floor under a blanket watching it on your ancient phone? Cos the state pension is not gonna give you a lot of options.

    Your mates dad sounds like an entitled moaner by the way lol. Very poor advice to be giving you! This is one of the last great pension schemes- grab it with both hands!
  • zagubov
    zagubov Posts: 17,886 Forumite
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    Here's a heads-up. DB pensions like this are the closest thing you'll find in this life to a free lunch.

    It might not be as good as it was once, but it's still an immensely fine thing (a prime demonstration of the best being the enemy of the good).

    Don't hestitate. Grab it with both hands.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • System
    System Posts: 178,093 Community Admin
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    You just have to note that the employer contribution is currently 18% of you salary to realise the value of the USS pension.
  • Southend1
    Southend1 Posts: 3,362 Forumite
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    wallofbeans wrote: »
    I agree. I think it's my lack of understanding of pensions in general that has thrown me here. I'm not seeing that 18% on my statements so I suddenly start to worry where the money is, did I do the right thing, have they calculated it wrong?

    I like to see and regularly check on the money I have, but I can't do that with a pension, which makes me very nervous!

    Thanks all!



    You don't have a "pot" of money in a DB pension like USS. Instead, your contributions buy a guarantee to pay you a certain amount of income per year, plus a lump sum on retirement. You don't need to see a pot of money or check your pension regularly, just keep paying the contributions. That's the beauty of DB - much less stress and risk for individuals than DC.
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