The Council give notice that the rules of the Universities Superannuation Scheme (USS) have been amended by the first supplemental amending deed dated 17 September 2004.
The first supplemental amending deed of the rules of USS introduces a new category of ill health retirement with effect from 1 September 2004 which will permit payment of a non-enhanced incapacity pension to a member of USS who has been determined by the trustee of USS as suffering from 'partial' ill health. The pension will be based on the member's actual Pensionable Service in USS and will not be subject to any actuarial reduction to take account of its early payment.
Where the trustee of USS determines that a member is suffering from 'total incapacity' an enhanced incapacity pension will be paid; the benefits payable in these circumstances will be equivalent to those payable under the former rule covering permanent ill health retirement.
The requirement for a member to have two years active membership of USS before the member becomes eligible for an enhanced incapacity pension is removed, except in the case where the medical condition resulting in the retirement already existed at the date of joining USS, in which case the qualifying period remains five years. However, this rule has been amended to allow previous service in a comparable pension scheme of the same employer to count towards the calculation of the five-year qualifying period.
Full details of all the amendments can be obtained from Mrs S. E. Curryer, Head of Pensions Administration, Finance Division, 10 Peas Hill, Cambridge.