1. USS Pension Scheme Post-doc Society briefing Nov 2012

2. Two sections to USS Final Salary Section (FS) Open to staff who have been a member continuously since before 1 October 2011 Career Revalued Section (CR) All other staff

3. Main Benefits Both FS & CR: Immediate life cover provides lump sum of 3 x salary on death in service + pension payable to partner Incapacity cover Pension & lump sum payable if unable to work due to incapacity Retirement lump sum & pension Based on no. years membership & earnings

4. KEY FEATURES Employer’s contribution up to 16% of salary own contribution 7.5% FS, 6.5% CR (with tax relief) Chance to buy AVCs Portability - transfer in from other HMRC-approved scheme - take membership with you to new USS employer - transfer benefits to non-USS job or leave in scheme - transfer to overseas scheme subject to rules (see http://tinyurl.com/cs4urpf) http://tinyurl.com/cs4urpf

5. Transferring Overseas Receiving schemes must be registered with HMRC Must count as Qualifying Registered Overseas Pensions Schem,e (QROPS) (for list see http://www.hmrc.gov.uk/pensionschemes/qrops.pdf) http://www.hmrc.gov.uk/pensionschemes/qrops.pdf May be relevant tax rules in receiving nation

6. CALCULATING BENEFIT - FS Benefits based on the following formula: Pension 1/80 th x highest average pensionable salary x years of pensionable service Tax Free Lump Sum 3 x pension Possible to take less cash, more pension

7. CALCULATING BENEFIT - CR Pension 1/80 th x salary per year of membership Total is ‘banked’ & added to the next years Value of banked sum is increased according to ‘official pensions’ figure Tax Free Lump Sum 3 x pension Possible to take less cash, more pension

8. WHEN CAN YOU RETIRE? Normal pension age is 65 will increase in line with state retirement Age 60 for members 55 & over on 1/10/11 (with employer’s permission) Age 50 if member continuously since April 06 if you are made redundant Other early retirement will mean reduced pension

9. OTHER RETIREMENT PROVISIONS Flexible retirement Take part of pension early & reduce hours Late retirement Continue past 65 & continue to build benefits Incapacity retirement Partial or full

10. LEAVING THE SCHEME Under two years’ service - refund of contributions - deferred pension & lump sum - transfer of the value to another scheme Over two years’ service - deferred pension & lump sum - transfer of the value to another scheme Note: can’t rejoin final salary scheme if employment gap of 30 months or more

11. For more info… Final Salary: http://tinyurl.com/cshc5q9 http://tinyurl.com/cshc5q9 Career Revalued: http://tinyurl.com/cu8row8 http://tinyurl.com/cu8row8 USS: http://www.uss.co.uk/Pages/default.aspx http://www.uss.co.uk/Pages/default.aspx

12. Other sources of information CIC Employee Assistance Service http://www.york.ac.uk/admin/hr/employee_assistance/ http://www.york.ac.uk/admin/hr/employee_assistance/ Union http://www.ucu.org.uk/index.cfm?articleid=2196 http://www.ucu.org.uk/index.cfm?articleid=2196 Citizens Advice Bureau http://www.citizensadvice.org.uk/ http://www.citizensadvice.org.uk/ Independent Financial Advisers

13. Sick Pay Provisions Length of service Pay Entitlement Up to 3 months Up to 2 weeks full & 2 weeks ½ During 1st year Up to 2 months full & 2 months ½ During 2nd & 3rd year Up to 4 months full & 2 months ½ During 4th & 5th year Up to 6 months full & 4 months ½ After 5 years Up to 8 months full & 4 months ½