The Council give notice that the Universities Superannuation Scheme (USS) has been amended by the following supplemental amending deeds: the second supplemental amending deed, dated 23 June 2005; the third supplemental amending deed, dated 4 August 2005; the fourth supplemental amending deed, dated 21 October 2005; and the fifth and sixth supplemental amending deeds, dated 23 February 2006.
The second to fourth supplemental amending deeds contained a number of minor amendments which did not constitute material alterations to the basic scheme; no formal disclosure to the membership of USS was therefore required.
The fifth supplemental amending deed is the first of three amending deeds which are planned to introduce various changes relating to the government's simplification of the tax rules governing pension schemes which came into effect on 6 April 2006. The amending deed facilitates an enhanced protection option within USS so that members who have pension rights of a high value, generally at or around the new lifetime allowance (which is £1.5m for the 2006/2007 tax year), will be able to protect the entire value of their accrued rights from any tax charge.
The amending deed also introduces the provisions to deal with the treatment of any tax due on any benefits in excess of the lifetime allowance where a member retires on or after 6 April 2006.
The sixth amending deed introduces new provisions which give surviving registered civil partners the right to receive the same level of benefit on the death of their partner who was a member of USS as a legally married spouse. The rule amendment is applied retrospectively and affects active, preserved, and pensioner members of USS and relates to civil partnerships entered into on or after 5 December 2005.
Full details of all the amendments can be obtained from Mrs S. E. Curryer, Head of Pensions Administration, Personnel Division, 10 Peas Hill, Cambridge, CB2 3PN.