USS members priced out of pension savings without changes to the scheme
A new contributions calculator shows how much more USS pension scheme members will be paying each month if employer-backed reforms are blocked by union strike action.
The USS Trustee, which runs the scheme, recently confirmed that it would impose higher contributions from April 2022 without benefit changes.
This would hit the pay of staff currently paying into USS, with scheme members seeing a 12% rise in contributions in April 2022, followed by a further 17% rise in October 2022. A member earning £40,000 would therefore pay an additional £860 in pension contributions in 2022 for the same benefits, with contributions set to rise further every six months until 2025.
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Article published by USSEmployers 7 October 2021Posted in: Higher education newsUSS Pension