Reporter 1/3/00: Universities Superannuation Scheme: Notice

Universities Superannuation Scheme: Notice

28 February 2000

The Council give notice that the Universities Superannuation Scheme has been amended by the following Deeds of Amendment: the Fifteenth Deed and the Sixteenth Deed, dated 22 June 1999, and the Seventeenth Deed and the Eighteenth Deed, dated 10 December 1999.

The Fifteenth and Sixteenth Deeds contained a number of minor amendments which did not constitute material alterations to any item of basic scheme information; no formal disclosure to the membership of USS was therefore required.

The Seventeenth Deed

(i)

broadens and amplifies the definition of 'Institution' under the rules of USS so that a company established and wholly owned by a university or Higher Education institute (HEI) may now participate in USS provided that its activities are for the benefit of and support the primary objectives of the owning university or HEI, and the company will be permitted to carry on a trade or other investment or commercial activity;

(ii)

modernizes the definition of 'Institution' to extend it to cover the 'new' universities created by the Further and Higher Education Act 1992.

The Eighteenth Deed

(i)	extends the eligibility conditions of USS to allow institutions to admit their non-academic staff to USS if they so desire;
(ii)	allows service, after 10 December 1999, in a pension scheme of a university or HEI, which is comparable to USS, to be counted as qualifying service for ill health retirement from USS provided that the employment is treated as continuous.

Full details of the amendments can be obtained from Mrs S. E. Curryer, Head of Pensions Administration, Finance Division, 10 Peas Hill, Cambridge, CB2 3PN.

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