Staff who are members of the Universities Superannuation Scheme (USS) will have received an email from USS on 21st December 2023 informing them that their employee pension contributions will go down from 1 January 2024.
This follows the March 2023 valuation of the scheme and a substantial improvement in the scheme’s funding position since the 2020 valuation.
Contribution rates to be reduced with effect from 01/01/2024 as follows:
- A member contribution rate of 6.1% instead of 9.8% of pensionable salary.
- An employer contribution rate of 14.5% instead of 21.6% of pensionable salary.
Staff who are members of USS will see the contribution changes reflected in the January payroll on Wednesday 31 January.
Subject to the completion of the formal processes to implement the JNC’s proposals, the improved benefits set out in the employer-led consultation, and the one-off uplift to benefits earned between 1 April 2022 and 31 March 2024, will be implemented from 1 April 2024. Further details of these changes can be found on the USS website via the following link : What you pay and what you get is changing (uss.co.uk)
Should you have any questions, please contact [email protected].
For further information:
Your questions answered on the one-off uplift (uss.co.uk)