Universities Superannuation Scheme (USS): Notice of Seventh and Eighth Supplemental Amending Deeds

12 June 2006

The Council give notice that the Universities Superannuation Scheme (USS) has been amended by the seventh and eighth supplemental amending deeds, dated 16 March 2006.

The seventh supplemental deed extends the provisions relating to civil partnerships, introduced in the fifth amending deed, to give the stepchildren within civil partnerships the same rights as stepchildren within marriage.

The seventh supplemental deed also makes changes to the rules on the withdrawal of an insolvent employer from USS and to the Internal Dispute Resolution Procedure. The discretion of the trustee to segment the scheme in the event of an employer withdrawing from USS has also been removed.

The eighth supplemental deed amends the rules of USS to bring into effect a number of the amendments to the rules of USS arising from the pension simplification provisions of the Finance Act 2004. The amendments included in the eighth supplemental deed are:

• removal of the statutory earnings cap for pensionable service after 5 April 2006;
• the introduction of a new minimum retirement age of 55 from 6 April 2010;
• the introduction of higher limits on the tax free cash payable on retirement;
• the removal of the 40-year limit on the accrual of pensionable service in USS; and
• the removal of the 15% limit on employee contributions to USS.

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.