Pension tax changes
The government has announced changes to pension tax allowances and charges, which may affect tax management measures that you’ve put in place or your savings decisions. Find out more in our pension tax update.
Helping you to make the decisions that are right for you
Whether your retirement’s a long way off,just around the corner, or if you’re already retired, you can get support and help with planning your finances, as a USS member.
Our website is full of useful information to help you make the decisions that are right for you now and in the future. You can find information relevant to you whether you’re a new joiner, established member, no longer paying in to USS or retired.
Guidance
There’s a broad range of information and support to help you make informed decisions about your USS pension.
It’s not financial advice and won’t give you any recommendations to take a specific course of action, but it will help paint a clearer picture of where you are now and the steps you might take to get to where you want to be.
Financial advice is different to guidance. Advice gives tailored recommendations specific to you to ensure that the best option, or combination of options, is recommended to meet your individual requirements.
Guidance webinars
There’s a lot to consider when it comes to your USS pension. To help you understand more about USS and the benefits you get, you have access to a programme of webinars provided by Mercer, a financial services consulting firm.
The webinars are free and cover a range of different topics, so you can pick and choose the webinars that interest and are relevant to you. Please be aware that the webinars only provide guidance and cannot give you specific advice for your circumstances.
You can register to attend a live webinar, where you have the opportunity to take part in a Q&A about the webinar topic. Alternatively, if you’re not able to attend live, you can access the webinar library to watch a recent recording.
Find more on the webinar library, and register for free live webinars.
Other sources of guidance
Your employer may also provide extra guidance, and further support is available from places like the Money and Pensions Service (“MaPS”).
MaPS’ consumer facing brand is called MoneyHelper. MoneyHelper is designed to make your money and pensions choices clearer and to put you in control with impartial help that’s on your side backed by the government and free to use. You can visit the MoneyHelper website for more information
Financial advice
If after you’ve explored the guidance options you feel you need additional and tailored support, financial advice is also available. This is where a financial adviser regulated by the Financial Conduct Authority (FCA) provides advice that could include taking a deep dive into your circumstances, financial needs and aspirations, and then provides bespoke advice and recommendations. A financial adviser will be subject to a fee, which they can let you know directly.
There are a number of scenarios where you might get financial advice, such as if you are starting to think about your retirement. You may also want financial advice to help you build wealth or manage expenses.
How to find a financial adviser
If financial advice sounds like something you’re interested in, Mercer can assist in a variety of ways, and you can get advice on any aspect of financial planning. Financial advice provided by Mercer is a separate service to the guidance webinars that Mercer host.
Find out more about Mercer’s advice services.
You can obtain financial guidance or advice from your usual financial adviser (if you have one) or other appropriately qualified and authorised firm. If you’re an ex-pat or interested in transferring your pension overseas, this requires specialist advice. You can use the Money Advice Service’s adviser directory to find an adviser who is right for you.
All advisers are different, so it’s important to remember that you should shop around to find an adviser that is right for you. You can use the Money Advice Service’s adviser directory to find a list of regulated financial advisers, questions to ask them and a guide to their fees.
Whichever financial adviser you choose, you should make sure they are regulated by the Financial Conduct Authority. You will be charged if you decide to take financial advice, but all costs should be made clear to you before you receive any advice.
Important information
Any advice or guidance services you decide to receive from Mercer Limited 'Mercer' are not the responsibility of USS.
In relation to the signposted advice and guidance services provided by Mercer, it is important to note that:
- USS is just facilitating access to advice, and is not recommending any particular course of action - the choice of whether to obtain advice, and if so who from, is solely that of the member.
- any legal relationship is solely between the member and the advice provider.
- USS is not responsible for the advice given or for the content of Mercer’s website that is linked to above.
- USS will not be liable for any loss or damage arising out of or in connection with a member’s use of any of the services provided by Mercer and/or their failure to access the services (including any guidance, advice or recommendation that Mercer may provide).
- the adviser signposted is provided purely as a potential aid to the member and that they are of course free to select an IFA of their own choosing if they so wish.
If you decide to use Mercer, you can use the details on this website to contact them. You are of course also free to use any other financial adviser in the market. Whichever financial adviser you choose, you will need to enter into a separate agreement with them.
Before using the guidance and/or advice services you should consider if they are appropriate for your needs and you should look at the Other sources of guidance outlined above. As we explain above, there is no obligation for you to use the services provided by Mercer. You can obtain financial guidance or advice from your usual financial adviser (if you have one) or other appropriately qualified and authorised firm.
USS may withdraw or suspend any of the links to, or services provided by, Mercer at any time without prior warning to members and users of these services.
Important terms
This publication is for general guidance only. For a glossary of our terms please see more information on our key names and important information page.