Reporter 17/3/99: Universities Superannuation Scheme: Notice

Universities Superannuation Scheme: Notice

22 February 1999

The Council give notice that the Universities Superannuation Scheme has been amended by the Fourteenth Deed of Amendment dated 5 January 1999. The Fourteenth Deed includes the following provisions:

1. Members who retire after the date of this Deed will be allowed greater flexibility in determining the benefit package that best suits their needs. Subject to Inland Revenue limits, members will be able to convert part of the retirement lump sum into additional pension, or vice versa. Detailed arrangements will depend on the member's age at retirement. Any such conversion will have no effect on the benefit payable on the death of a retired member to his or her spouse, children, or other dependants.

2. The rules relating to the payment of additional voluntary contributions have been clarified and inconsistencies removed.

3. The Trustee Company has been given discretion to determine whether or not a person convicted of the unlawful killing of a USS member should forfeit any benefits due to him or her on the death of that member.

4. Amendments have been made of the provisions relating to the withdrawal of an institution from participation in USS.

5. A number of consequential amendments and minor drafting points have been included.

Full details of the amendments can be obtained from Mrs S. E. Curryer, Head of Pensions Administration, Pensions Office, 10 Peas Hill, Cambridge (tel. (3)32214).

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