The Universities Superannuation Scheme (USS) is one of three pension schemes operated at QMUL.
Employees on grades 4 and above are usually eligible to join USS.
The USS is a hybrid scheme, meaning that it is partly a Defined Benefit scheme and partly a Defined Contribution scheme. Members currently earn a Defined Benefit pension on salary up to £70,296 pa and Defined Contribution benefits on salaries above this threshold at a cost of 6.1% of salary to members and 14.5% for employers. The USS is one of the largest private pension schemes in the UK that currently still allows new Defined Benefits to be built up.
USS Retirement Income Builder (Defined Benefit Section)
When you become a member of USS you automatically join the USS Retirement Income Builder. This provides you with an income when you retire based on how long you’ve been a member of USS and your salary, up to an annual threshold*, which is set each year.
*The salary threshold for 2024/25 is £70,296. This is revalued each year to take account of inflation (the rising cost of goods and services). Automatic contributions are based on your salary in excess of the threshold.
If you earn over the salary threshold, you and your employer, will also automatically pay contributions into the Investment Builder.
The USS Investment Builder (Defined Contribution Section)
The USS Investment Builder is available for all members, regardless of your salary.
With the USS Investment Builder, you have a flexible way to enhance your retirement savings - with flexibility, comes choice.
If you earn over the salary threshold* (£70,296 for 2024/2025), have recently transferred into USS from another pension scheme, or have made additional contributions (including the match) you’ll already have savings in the USS Investment Builder, you can make additional contributions on top of these.
The USS Investment Builder is available in addition to the USS Retirement Income Builder. All contributions are invested and at retirement you can use the value to supplement your income from the USS Retirement Income Builder.
Enquiries about the scheme or about an individual's entitlements should be sent to pension@qmul.ac.uk
USS Helpful Links:
USS website
MyUSS
USS Pension Calculator