Approaching retirement

Use our Benefit Calculator in My USS to look at your personalised estimated pension benefits with USS. You can also take a look at our retirement timeline for what you need to do and when.

You can also watch our planning for retirement video for four easy steps to help you plan for your future.

Once you’ve decided to go ahead with your retirement, you’ll need to speak with your employer and agree your retirement date. They’ll then submit a retirement form to us on your behalf.

If you are a deferred member, you are required to take your USS pension at your Normal Pension Age. Visit our timeline to retirement for leavers page to find out your steps to retirement.

We’re happy to help you fill in your form. You can call our Member Services Team on 0333 300 1043 for help.

Watch our short video on your retirement options on our thinking about your future pages, where you can also find more information.

You can use the Benefit Calculator in My USS for personalised projections of your estimated pension benefits and model different options.

You can also visit your options at different ages and stages for more information.

If you no longer have a UK bank account, Citibank offers a service where your pension can be paid directly to an overseas bank account. Please note other banks may operate a similar service and you should make your own enquiries regarding this possibility.

If your payment is made via the Citibank service, the bank details displayed on your monthly payslip will reference Citibank’s bank account and not your overseas bank account.

Pension payments are credited to UK accounts on the 21st of the month, or the Friday immediately prior if this date falls on a weekend or bank holiday. Your payment will take an additional few business days to credit your overseas bank account, depending on the country you live in.

Find out more about working or retiring overseas.

You need to call our Member Service Team to request the bank mandate for the specific country you’ll be living in so we can pay you correctly. Call 0333 300 1043 Monday to Friday, 9am to 5pm.

Retiring flexibly allows you to take up to 80% of your pension whilst continuing to work, as long as you drop your hours and salary by at least 20%. Each time you take part of your pension, it’s known as a flex. It means you can ease yourself into retirement – and still carry on building for the future.

Find out more on our you’re flexibly retired page.

The earliest you can start taking your benefits and savings is age 55, rising to 57 in 2028, unless you’re retiring due to ill health, or if you have an earlier Protected Pension Age and are made redundant in certain circumstances.

If you’re still paying in to USS, you must take your benefits by age 75.

But if you’re no longer paying in to USS, you need to take your benefits at your Normal Pension Age (NPA). Use the Benefit Calculator in My USS to find out your NPA.

Once you let us know that you want to retire, we’ll ask you for your UK bank or building society details. Following the month of your retirement date, your monthly income will be paid on the 21st of each month.

Your lump sum can also be paid into a UK bank or building society.

If you want your monthly income and/or lump sum paid to a non-UK bank account, take a look at working or retiring overseas to find out what you need to do.

Under the Scheme Rules, you won't be deemed to have retired if you start another role in which you can build a USS pension (with either your current or a new employer). However, if you are already retired and then offered another role, your employer may need to automatically enrol you into a pension scheme. You’ll need to speak to your employer about whether you can re-join USS.

Please note there are certain factors which will affect your pension if you retired due to ill health, but then want to start working again. Take a look at ill health retirement to find out more.