While the economic situation caused by the effects that COVID-19 have had on global stock markets has had an impact on USS, the pension benefits you have built up in the Retirement Income Builder are protected by law. They are also backed by the collective strength of our 340 sponsoring employers. These benefits are based on your salary each year and the years you’ve worked – they don’t depend on what happens on the stock market. We continue to pay pensions and collect contributions from members and employers.
With most of the USS team working from home, we’ve replaced the 9 April webinar with two short videos. In them, we provide information and answer the questions you submitted on how the current situation affects USS and your benefits, and give you an update on the 2020 valuation.
Video 1: COVID-19 and your USS pension
The virus and its economic consequences are a challenge, but USS is still working, paying pensions, collecting contributions and keeping your Retirement Income Builder benefits secure.
Video 2: The 2020 valuation
In common with our peers, we are dealing with very challenging short-term conditions – but any decisions we take now should be consistent with our long-term strategy to secure members’ benefits and protect the sustainability of the scheme.
Further Information
- For more about the 2020 valuation, visit our valuation page.
- For more about COVID-19 and USS, see our special update page.
- Stay safe. Look after loved ones. Follow the latest government advice.