USS 2016 Proposed changes Eifion Morris, APMI Member Communications Manager.

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Presentation transcript:

USS 2016 Proposed changes Eifion Morris, APMI Member Communications Manager

Agenda Introduction Career Revalued Benefits – how it works Final Salary – how it works Proposed changes Defined contribution What next? Questions

Introduction USS’s Joint Negotiating Committee (JNC) have proposed a package of changes

Terminology Final Salary Service and salary at retirement Career Revalued Benefits (CRB) Salary each year Defined Contribution (DC) Investment fund

Final Salary How it works

Pension The calculation 1 80 th Service Salary Pension Tax Free £ 3 PLUS

Pensionable salary RPI 2012

£ 31,740 £ 22,218 £ 28,566 £ 30,153 £ 36,500 £ 28,566 £ 34,914 £ 31,740 £ 33,327 £ 38,889 £ 36,501 £ 37,612 £ 40,000 Pensionable salary calculation Retirement day Years to retirement £ 41,000 £ 30,318 £ 38,068 £ 35,468 £ 45,922 £ 34,655 £ 38,760 £ 36,887 £ 37,580 £ 39,982 £ 39,701 £ 39,857 £ 40,000 RPI Revalued salary

Career Revalued Benefits How it works

The calculation Year 3 Year 1 Year 2 Year 6 Year 4 Year 5 Year 9 Year 7 Year 8 Year 12 Year 10 Year 11 Each year your pension & tax-free cash are calculated and ‘banked’

Salary Banked We now need to add increases ‘revaluation’ Example Pension calculation TOTAL : £2, pa

Banked Pension Example Inflation calculation TOTAL : £2, pa Tax-free cash of 3 X pension in addition

Proposed changes

Proposal

Existing Final Salary section 2016 FSAL CRB

Existing CRB section benefits 2016 CRB

Existing AVCs 2016 ?

Existing transfer-in 2016 CRB

New CRB section CPI CRB 1 75 th 18 % 8%8% £55K

Defined contribution

Defined Contribution section DC £55K CRB 12 % 8%8% 1 % +1 %

Tax free Defined contribution flexibilities 55yrs 100% Tax free ?

Assessing your own position Comparison Tool

Assessing your own position

Other considerations £55K CPI

What next?

Amendments/approval Timetable 16 Mar’15 Late May’15 Before end of June’15 1 April’16 Employer consultation Implementation Feedback to Trustee Board

Your questions