Reporter 26/7/00: Universities Superannuation Scheme: Notice

Universities Superannuation Scheme: Notice

24 July 2000

The Council give notice that the Universities Superannuation Scheme has been amended by the Twentieth Deed of Amendment, dated 11 May 2000. The main points of the Twentieth Deed are as follows:

1. With effect from 25 November 1999 the tax free lump sum payable on the death of a member of USS whilst employed by a USS institution has increased from two and a half times the member's Pensionable Salary at the date of his or her death to three times Pensionable Salary.

2. With effect from 25 November 1999 the actuarial reduction applicable to spouses' pensions where the spouse is more than fifteen years younger than the member has been removed.

3. An additional increase of 1 per cent, over and above that which would normally have been paid, to all pensioner members and deferred members as at 25 April 1999 has been awarded. For members who retired after 25 April 1999 the increase will be awarded on a proportionate basis.

4. The Deed also formalizes the practice by USS of paying interest on the late settlement of benefits.

Amendments 1 and 2 above will be applied retrospectively and the USS will be reviewing the benefits of all affected persons.

Full details of the amendment can be obtained from Mrs S.E. Curryer, Head of Pensions Administration, Finance Division, 10 Peas Hill, Cambridge, CB2 3PN, tel. (3)32214.

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