How does PensionPlus work?
• As a USS member, you will stop making your current employee pension contributions (currently 6.35%) to the Universities Superannuation Scheme (“USS”). Instead, the University will pay on your behalf an amount equal to your employee pension contribution (currently 6.35%) directly into USS plus the employer pension contributions previously paid (currently 16%). • Your current annual salary (gross pay) will be reduced by the amount that you used to pay into USS. • As a result your take home pay will increase because you are paying less National Insurance Contributions (NIC). This is because the employee pension contributions that you previously paid were subject to NIC whereas the employer contributions that will be paid in the future are not. The University will also make NIC savings in the same way. • The overall level of contributions to USS will remain unchanged. • Your level of USS pension will not be affected. The pension fund you draw on will remain unchanged. • Salary increases
