The warning follows the USS’ declaring itself to the Pensions Regulator after triggering a sustainability metric, which saw the ratio between the scheme’s deficit and 10 per cent of employers’ contributions over the next 30 years exceed 85 per cent over five consecutive days. Universities Superannuation Scheme (USS) has reported a technical provisions deficit of between £14.9bn and £17.9bn as of 31 March 2020, and delayed its valuation as it considers how to proceed. All members will be entered into the USS Retirement Income Builder, this is the defined benefit (DB) section of the scheme. Contributions to the Universities Superannuation Scheme (USS) may need to increase to as much as 56.2 per cent of payroll in order to combat the scheme's deficit, according to an update from the scheme trustee. You may have seen reports in the media today about the 2020 valuation of the Universities Superannuation Scheme (USS). Members will pay 11%. Universities Superannuation Scheme (USS) From 1 st April 2016 the USS scheme became a hybrid pension scheme. USS: pension contributions will need to rise sharply if existing benefits are to be maintained The Trustee of USS, the UK’s largest private pension fund, has today published an update report that explains the funding challenges facing the scheme. The USS pension scheme has today (3 March 2021) published its latest valuation report, which sets out the increase in contributions needed to maintain benefits at current levels, and address the scheme's growing deficit. It also provides the results for the Post 92 Teacher Pension Scheme (TPS) for comparison. The Trustee for the Universities Superannuation Scheme (USS) pension has today published a range of contribution rates to maintain the current level of pension benefits for members whilst meeting the challenges of the 2020 Valuation of the scheme.. Based on the 2020 valuation: Combined contribution rate is due to rise to (at least) 42.1% As of October 2021: Combined contribution rate is due to rise to 34.7%. It is already due to rise from 30.7% to 34.7% later this year. Combined contribution rate is 30.7%. This app provides some projections that shows the likely impact on future performance for these different models. UUK said it would be holding further discussions in the days ahead with USS and The Pensions Regulator, asking for USS to publish “clear reasoning” for the much higher level of contributions it says are required. It says that the increase in contributions could be kept at the lower end of the scale and the deficit reduced to about £10 billion if employers agree to a range of measures, including a long-term rule change that would prevent employers leaving the scheme for the next 30 years and prioritising USS pensions over any new debt. This is the pension scheme for those colleagues on Grade 6 and above. Its update report confirmed that increases in pension contributions would be … Welcome to the USS The Universities Superannuation Scheme (USS) is specifically designed for all Academic and Academic-related members of University and College staff, and is administered centrally by the USS in Liverpool. In its middle scenario, the USS has said that the overall pension contribution rate would need to rise to 49.6% of payroll. Employers pay 21.1%. Employers will pay 23.7%. For those colleagues who have not seen the reports, the USS Trustee has now set out possible total contribution rates (i.e. For information about the scheme refer to the current member guide USS Member guide. The USS pension scheme has proposed a change from the defined benefits (DB) model to the defined contributions (DC) model. As an employer, the University provides USS with the information they need in order to maintain your pension record, and the USS team are here to field Members pay 9.6% of salary.