Approved changes to the USS pension scheme were implemented on 1 October 2011, and all members at Leeds received a summary of the changes with their annual service statements.
USS members who joined the University before 1 October 2011 - Final Salary pension
All current contributing USS members who joined the University before 1 October 2011 keep a Final Salary pension. The changes only apply to benefits built up after 1 October: all benefits built up before that date are unaffected. Also unaffected are deferred pensions and pensions in payment before 1 October. This diagram summarises details of the benefits that Final Salary members of USS can expect to receive.
USS members who joined the University after 1 October 2011 - CARE pension
All entrants to the USS scheme after 1 October 2011 will have a defined benefit pension; this is a Career Average Revalued Earnings (CARE) scheme or CARE pension. This diagram summarises details of the benefits that CARE members of USS can expect to receive.
Background to the changes
Higher education employers have confirmed their commitment to providing a defined benefit scheme, and the changes to the USS were designed to ensure that all members continue to have the benefit of such a scheme. To do this, the scheme had to be made sustainable and affordable in the long term.
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