Reporter 3/12/97: Universities Superannuation Scheme: Notice

Universities Superannuation Scheme: Notice

1. The Universities Superannuation Scheme is contracted out of the State Earnings-Related Pension Scheme. The Pensions Act 1995 has introduced a number of changes in the contracting-out requirements, and as a result pension schemes which are currently contracted out, such as USS, are required to re-elect to be contracted out with effect from 6 April 1997. USS is required to inform all members of the scheme, and all those who are eligible to join the scheme, of its intentions in the matter.

2. USS Ltd accordingly gives notice that, in accordance with Part III of the Pension Schemes Act 1993, it intends to apply to the Contributions Agency for a contracting-out certificate to be effective in relation to USS from 6 April 1997. The employees to be covered by the certificate are all those whose employment as employed earners within the meaning of the Pension Schemes Act 1993 will cause benefit to be payable to or in respect of them under USS.

3. There will be no material changes to scheme benefits or National Insurance contributions as a consequence of this re-election. The contributions payable under the scheme and the benefits that it provides are set out in the trust deed and the rules of the scheme (details may be found in the booklet USS: a guide for members).

4. Minimum provision of contracted-out pension benefits will be based on a comparison with the statutory standard introduced by Section 12B of the Pension Schemes Act 1993. USS Ltd will be required to re-certify to the Contributions Agency every three years that all contracted-out pension entitlements can be met, and those entitlements gained from the scheme will be paid on the retirement, and/or following the death, of the member concerned.

5. Representations about this re-election may be made by or on behalf of those affected, not later than 19 January 1998, to the Chief Pensions Manager, USS Ltd, Royal Liver Building, Liverpool, L3 1PY. Representations may also be made to the Contributions Agency, Contracted-out Employment Group, Department of Social Security, Newcastle upon Tyne, NE98 1YX.

6. Further information about these matters may be obtained from the Pensions Office, 10 Peas Hill, Cambridge, CB2 3PN, tel. (3)32214.

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