What are the arrangements for moving pension benefits to and from USS, including overseas?
Moving from one USS member institution to another is particularly straightforward, as is transferring your pension arrangements to many public sector organisations. If you move to a non-USS employer you can transfer the cash value of your USS benefits straight into another approved pension arrangement e.g. a new employer’s scheme, a personal or stakeholder pension or a buy-out policy. Alternatively, you can leave everything where it is in USS to increase in value, still gaining from its automatic yearly indexing advantages. You then become a “deferred pensioner” able to draw your money (tax-free lump sum, plus regular pension) at retirement age. For more information go to leaver factsheet for details. You can usually move your USS pension benefits to an overseas scheme. Transfers from overseas schemes may also be possible. A number of technical formalities and tax issues that will need to be checked are included in our transfer in factsheet. Please refer to the transfers out section.
