Universities Superannuation Scheme (USS): Notice of Ninth, Tenth, and Eleventh Supplemental Amending Deeds

14 May 2007

The Council gives notice that the Universities Superannuation Scheme has been amended by the ninth, tenth, and eleventh supplemental amending deeds, dated 13 September 2006, 15 December 2006, and 7 February 2007, respectively.

The ninth and eleventh supplemental amending deeds contain minor amendments which do not constitute material alterations to the basic scheme; no formal disclosure to the membership of USS is required.

The tenth supplemental deed tidies up a number of issues relating to the tax simplification introduced by the Finance Act 2004 as follows:

• the post-retirement allocation of pension by a member to provide an additional pension to his/her dependants on his/her death will no longer be permitted where the retirement took place on or after 6 April 2006
• a member can use his/her USS money purchase AVC fund to purchase both pension and lump sum benefits within the main scheme at retirement
• the rules have been clarified to ensure that members can take 25% of the value of their USS benefits, with a maximum of 25% of the value of the Lifetime Allowance in operation at the date of the retirement, as a tax- free lump sum

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.