USS Pension changes

[user8464987632]

Has your university given out much information about the USS Pension changes that combine in October?

If I want to retire early it makes a fairly big difference. £2000 a year between retiring on 30th September and retiring on 1st October!

I'm surprised there hasn't been more publicity about this. Perhaps its deliberate?

Do you mean the ERF factors? I am a long way from retirement but there is a long thread on the mse forum about it.

Nothing from my uni I note, just uss, with just 3 months' notice! I think ucu are disputing it

i wish i understood more about it. Alas it is so far away that i ve not quite managed to push it up the list of things to really get on with.

Anything in particular? I am no expert but felt like you and took some time to understand it better a few years ago so happy to help as far as I can!
I think the op is specifically concerned with the reduction applied if you take the pension early. That reduction is about to get greater.

Yes if you are over 55 and can potentially take early retirement the factors change on 1st October. I feel like it ought to have had much more publicity so that people could factor it into their planning.

Have you got older service with an earlier npa? If you’ve been in the scheme for a while you are likely to have some at 63 (or 63.5?) or even 60 so the hit might not be as significant as it otherwise would be.

I agree it has not been at all well advertised, I only know about it because I check the mse forum from time to time and they are very informed.

@AnAcademic - any and all of it, really. I have very little understanding of retirement strategies, what is most tax efficient, lump sum vs monthly payments, overpayments, DB v DC

it s pathetic but this is were i am

i ve tried to book onto the courses but they were both cancelled due to poor enrollement.

@Marasme there's lots of basic info on the USS website, worth getting to know it if you haven't it

Does your university do a retirement session(s) to explain? I'm 52 and considering retirement in the next 5 years and think it's about time I got myself knowledgable as I currently just use the pension calculator USS have but assume there's more to it than that

i ve read the USS website info, but it always leaves me with more questions (which are probably more to do with taxes).

uni has stopped providing the session and it s now just the uss (?) led sessions

What is the mse forum? Can you provide a link please?

Edited for manners!

Money Saving Expert - they have a set of discussion boards including one on pensions. There are quite a few threads on USS if you search and some very knowledgeable people: https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning

I would get the basics from the USS website but it's on MSE that I've understood more detail e.g. how you can maximise the tax free withdrawal (on current tax rules at least) or the changing early retirement factors that the OP mentions.

It is all so incredibly complicated! Factor in little time apart from day to day functioning and no wonder many of us are ignoring important details.