What you pay and what you'll get

If you have pension savings elsewhere that you haven’t started taking yet and your previous scheme is registered with HMRC, you could transfer them to USS.

The funds you transfer will go into your Investment Builder pot, which is the defined contribution (DC) part of USS. Visit transferring in to USS for more information.

The Investment Builder – the defined contribution (DC) part of USS – lets you save a bit extra. You can make additional contributions in My USS, which will go into your Investment Builder pot. These can be regular contributions or a one-off payment. You can use the calculator tools in My USS to estimate the costs and benefits of saving more.

There may be limits on the amount of savings you can make into the Investment Builder, such as the Annual Allowance, before tax charges apply. Visit our Investment Builder page for more information.

Contributions are paid by active members and their employers. You will pay in 6.1%* of your salary each month and you get tax relief on your contributions, so some of the money that you normally pay towards tax goes into your pension instead.

Your employer pays in 14.5%* of your salary each month towards your benefits and running USS. You can also pay additional contributions to the investment builder to save more.

Visit what you pay and what you'll get, for more information on the contribution rate.

*This is subject to the outcome of future valuations.

Salary sacrifice is an alternative way to build up your pension. It means you can agree to give up the part of your salary that you would usually pay towards your pension, and instead your employer will pay your contributions for you. Because of this, you (and your employer) could pay lower National Insurance contributions, which can mean higher take-home pay.

However, there are reasons why this may not be right for you. For example, if you’re with USS for less than two years and you use salary sacrifice, you’ll still be able to choose to keep pension benefits in USS or transfer them to another scheme. However, you won’t have the option to get a refund of contributions when you leave. It may also affect the amount you’re eligible to borrow, if you’re looking for a mortgage or other finance. You should speak to your employer for more details.

If you’re working for a USS employer on a fixed-term contract, you can still join USS to save for your future. If you’re eligible, your employer will enrol you unless you tell them otherwise. You can join for the duration of your contract and still build up benefits. Your employer will also contribute towards your benefits.

See what your pension might look like for more information and have a look at what you pay and what you’ll get to see what benefits you could get in retirement.

If your fixed-term contract is renewed, or you move between USS employers, the benefits you build up in your new role will be automatically added to the ones you’ve already built up.

However, if you made additional contributions to the Investment Builder in your previous role, you’ll need to set these up again in My USS.

If you’re in the UK for a fixed-term contract, you can still build up benefits with us. If you want to take your savings with you, you may be able to transfer your benefits and/or savings to an overseas pension scheme.

And even if you’re thinking of retiring to the other side of the world, we’ll still be able to pay your pension to you.

Take a look at our Working or retiring overseas factsheet for more information.

Even if you’re only here for a short while, it’s still important to save for your future to make sure you achieve the future lifestyle you want.

You’ll build up more than just a pension too – have a look at what you’ll get as a member to see a full list of benefits.

A pension is an easy way to save for your future. You may receive the State Pension when you retire, but it might not be enough. Putting money away now means you’ll have a bigger income in the future. Plus, your employer contributes too – making up a big chunk of your pension.

However, if you paid in for less than two years by the time you leave, you should consider the following:

• If you choose to pay your contributions via salary sacrifice, you’ll still be able to keep your benefits with us or transfer them to another scheme, but you won’t have the option to get a refund of contributions when you leave. But if you aren't paying contributions via salary sacrifice then you could choose to take a refund of your contributions instead. Speak to your employer for more information.
• If you choose to leave your savings with us, take a look at your pension after leaving or visit our factors page for more on how your benefits are calculated.

When your fixed-term contract is renewed, or when moving between USS employers, the benefits you build up in your new role will be automatically added to the ones you’ve already built up.

However, if you made additional contributions to the Investment Builder in your previous role, you’ll need to set these up again in My USS.

If you were paying Final Salary or Career Revalued Benefit additional contributions, you'll need to let your new employer know. If the gap between your previous role and your new one is more than a month, you won’t be able to continue these Final Salary or Career Revalued Benefit additional contributions.

If you’re in the UK for a fixed-term contract, you can still build up benefits with us. Even if you’re only here for a short while, it’s just as important to save for your future to make sure you achieve the future lifestyle you want. You’ll build up more than just a pension too – such as life cover should the worst happen. Have a look at what you’ll get as a member to see a full list of benefits.

If your contract with your USS employer ends, you won’t lose the benefits you’ve built up in the Retirement Income Builder (defined benefit). These will remain secure until you’re ready to take them. Any Investment Builder (defined contribution) savings will remain invested until you're ready to take them (which you can do from age 55 onwards, rising to age 57 for certain members in 2028). The amount in your pot when you come to take these savings will generally depend on the performance of your investments.

If you want to take your savings with you, you may be able to transfer your benefits and/or savings to another overseas pension scheme.

And even if you’re thinking of retiring to the other side of the world, we’ll still be able to pay your pension to you.

Take a look at our Working or retiring overseas factsheet for more information.

If you’re working for a USS employer and are eligible to join USS, you can join until the day before your 75th birthday.

Visit what you pay and what you’ll get to see a list of USS benefits.

There are two main different types of workplace pension. A defined benefit pension (like the Retirement Income Builder) guarantees you an income for life once you retire. A defined contribution pension (like the Investment Builder) invests contributions into your own savings pot. USS has both types, making us a hybrid pension scheme.

Visit your pension explained.

Your member number will be on any emails you receive from us, your welcome letter and your Annual Member Statement. Please note that you typically won’t receive your first Annual Member Statement until the Autumn after you join. But it could be longer.

If you’ve not received either of these yet, you can get in touch with our Member Service Team on 0333 300 1043. Lines are open 9am - 5pm, Monday to Friday.

Your previous employer will send us a leaver notification and, if you’re eligible for a USS pension in your new role, your new employer will send a joiner notification. You’ll then be able to continue building your pension.

Depending on when your employers submit their notifications, you may not start paying in until the month after your new role starts.

If you want to continue making additional contributions, you’ll need to set these up again in My USS.

If you’re still in a USS eligible role up to age 75, you can re-join USS at any time – speak to your employer first. They will then send a joiner notification to us. You’ll then be able to continue saving for your future.

If you’ve been paying into your USS pension for less than two years, you may be able to get a refund of your contributions. Whether you are eligible for a refund will depend on various things like how long you’ve been paying in and if you contributed via salary sacrifice.

If you begin the process to leave, you will receive a leaver statement which would include details on how much you could be refunded. This could take up to a few months after your final contribution payment to USS.

Take a look at getting a refund.