How the process works
There are two parts to your pension. Visit how your pension works for more information on how the Retirement Income Builder, the defined benefit (DB) part, works alongside the Investment Builder, the defined contribution (DC) part.
This timeline isn’t an indication of when you should start planning – that’s entirely up to you.
If you have savings in the Investment Builder on top of your Retirement Income Builder benefits, you don’t have to take everything at the same time. Your Investment Builder savings can stay invested when you retire if, for example, you don’t need them until a later date. Read more about your options with the Investment Builder.
This timeline is for members who’ve left USS, but not yet taken their benefits.
We’ll use the term retirement date throughout this timeline, this refers to the date that you want to or will be due to access your USS benefits.
Six months before your retirement date
Use our Benefit Calculator to help you understand the Retirement Income Builder benefits you’ll receive, and any Investment Builder savings you could flexibly access, in retirement. You should think about taking financial advice if you’re unsure what’s right for you.
You can also use our Retirement Planning Tool to get an idea of when you want to retire and how.
Once you’ve decided to take your USS benefits, you can request a retirement quote directly from us.
Four months before your retirement date
If you haven’t already contacted us about a date you plan to retire and you’re four months from your Normal Pension Age (NPA), we’ll kick-start the process and send you a retirement quote. This will outline your benefits and any savings, as well as your options for taking them. You can then select the Use your retirement quote option in the Benefit Calculator to explore your options.
At least two months before
Once you’ve considered your options and you know how you want to take your benefits, return your completed form to us, together with your verification of identity and verification of bank account details, at least two months before your retirement date.
The earlier you return it the better, payment of your benefits may be delayed if you return it any later, however we do endeavour to pay members on time.
It’s especially important if you’re taking any Investment Builder savings too, as we’ll need to disinvest your savings and will need a little more time to process this.
Once we receive your form
We’ll review this to make sure we have all the information we need. We’ll be in touch directly if we have any queries. If we have all the information we need, you’ll receive a confirmation email within a few days of sending your form.
If you’re taking Investment Builder savings too, we’ll start disinvesting your savings at the start of the month you’re retiring (or later if your form wasn’t returned on time). We need a little more time to process these, so we want to make sure they’re ready so that your benefits can be paid to you. Once this is complete, we’ll process your benefits in the Retirement Income Builder too.
Once your benefits have been processed
You’ll receive a letter confirming your benefits.
The first working day after your retirement date
You’ll typically receive your one-off, tax-free (up to certain limits) lump sum, if you’ve chosen to take this, straight into your bank account (or later if your form wasn’t returned on time).
After your retirement date
You’ll receive your first pension payment on the 21st day of the month following the month that you retire (or later if your form wasn’t returned on time), and each month after that. If this falls on a weekend or bank holiday, it’ll be paid on the working day before.
You’ll receive a letter from us each year outlining your pension increase. You can also view your payslips and P60s in My USS to keep track of your income, these will be in the My documents section of My USS, and we’ll email you to let you know when they’re available.
Keep your email address updated in My USS. We need a personal one so we can contact you.
Visit our Retirement hub to stay up to date as you receive your benefits and continue life in retirement.
-
We're here to help
You can contact us online with any questions you have throughout the process, or once you're retired.