From 1 April 2016, the benefits provided by Universities Superannuation Scheme are changing, as are the contribution levels payable by employers and members.
Since 2011, the scheme has reported a substantial deficit and, following a review of scheme funding, the trustee confirmed that substantially increased contributions would be required to continue to provide the existing arrangements.
As a result in January this year the employer and member representatives put forward a joint proposal which involves employer contributions increasing to 18% of salaries, alongside changes to the benefits provided by USS and increases in member contributions to 8% of salary.
Employers formally consulted people affected by these changes between 16 March and 22 May 2015. In light of the responses received, the employer and member representatives, within the Joint Negotiating Committee (JNC), agreed some modifications to the proposals.
Staff can read further technical detail about the changes and the agreed modifications which will be implemented in phases from 1 April 2016, in this attached document.