Changes to the Universities Superannuation Scheme (USS) are to come into effect from April.
Following a consultation exercise earlier this summer, the Joint Negotiating Committee, representing employers, and University and College Union (UCU) recommended some modifications to draft proposals, which were accepted by the USS board.
Significant modifications include the decision to waive exclusivity rights for those becoming eligible to join USS but who wish to remain in a local scheme (such as the University of Warwick Pension Scheme [UPS]) and a decision to extend enhanced opt-out arrangements to all USS members with effect from 1 April 2016.
From 1 April the current final salary scheme will close, with members migrating to the career revalued benefits (CRB) scheme. Contribution rates for all employees will rise to eight per cent and employer contributions will rise from 16.5% to 18%.
By 1 October 2016 a salary cap of £55,000 will be in place for CRB, with a new defined contribution section for members based on salary above that figure.
More information can be found on the accompanying letter from USS