Reporter 18/11/98: Universities Superannuation Scheme: Notice

Universities Superannuation Scheme: Notice

9 November 1998

The Council give notice that the Universities Superannuation Scheme has been amended by two Deeds of Amendment, the Twelfth Deed dated 22 July 1997 and the Thirteenth Deed dated 25 June 1998.

The Twelfth Deed contained a number of minor amendments covering a range of topics. It was not thought necessary to give notice of these at the time because they were incorporated in the June 1997 edition of the USS booklet A guide for members, which was circulated to all members of the Scheme.

The Thirteenth Deed includes the following provisions:

1.	Certain benefits in kind, such as the provision of job-related living accommodation, may now be treated as 'salary' for pension purposes.
2.	Statutory time limits have been introduced for the payment of pension contributions, as specified in the Pensions Act 1995.
3.	The Trustee Company has power to exercise a right of charge against the benefit of a member or a pensioner who, by a criminal, negligent, or fraudulent act, has caused the Scheme to suffer a monetary loss.
4.	If a member attempts to assign his or her benefits in a manner contrary to USS rules, those benefits may be forfeited, at the discretion of the Trustee Company.
5.	The Deed includes a number of other amendments which arise from the Pensions Act 1995.

Full details of the amendments can be obtained from Mrs S.E. Curryer, Head of Pensions Administration, Pensions Office, 10 Peas Hill, Cambridge (tel. (3)32214).

USS Ltd has published its annual report and accounts for the year ended 31 March 1998. The trustees will shortly issue a brief report to all members, giving a summary of the information contained in the full report and accounts. Copies of the full report and accounts can be obtained on request from the Pensions Office, at the above address.

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