Benefit Structure

With effect from 1 April 2016 the benefit structure for USS changed. The final salary scheme was closed and all existing final salary members moved into the CRB section of the scheme.

From 1 October 2016 the USS moved to a hybrid benefit structure when a new DC section was introduced.

The key features of the new USS benefit structure are:

  • Career Revalued Benefits (CRB) for all members on earnings up to £55,000 accrued at a different accrual rate to that provided currently (the new accrual rate will be 1/75th of earnings per year as pension, along with 3/75ths of earnings as a lump sum) 
  • Defined contribution section for members based on earnings above £55,000. A definition of defined contribution (DC) is available at the end of this document.
  • An option for all members to make additional contributions to the DC section of the scheme and to claim an additional ‘matched’ 1% from the employer contributions (provided the member contributes an additional 1%).

Further information on the USS benefit structure can be found here