Not sure? There are two parts to USS:
The Retirement Income Builder – the defined benefit (DB) part that all members join automatically. This will give you a pension – a guaranteed income for life – plus a one-off, tax-free (up to a limit) cash lump sum at retirement.
The Investment Builder – the defined contribution (DC) part. We invest savings from you and your employer based on your investment choices (or into our default option if you don’t make a choice). These savings, plus any investment returns, build up in your pot. Then, from when you reach age 55 (rising to 57 in 2028), you can choose when, and how, you want to use these savings.
You’ll be in this part as well if you earn over the salary threshold, have transferred other pension savings in to USS since October 2016, or you’ve made additional contributions.
If you’re not sure, you can check in My USS or your latest Annual Member Statement.
If you left the scheme before March 2016 your Final Salary or CRB pension are now in the Retirement Income Builder.
Visit our Prudential webpage if you have Prudential MPAVCs
Visit our Prudential web page if you have Prudential MPAVCs