What are the detailed benefits of being a member and who runs USS?
USS is one of the largest pension schemes in the country with assets of many billions. It was established in 1975 by the university sector collectively to provide high quality pensions and peace of mind protection for employees. There are, therefore, no shareholders and no dividends to pay out. There are no commission or set-up administration charges and no exit fees to pay if you transfer your pension somewhere else. USS exists solely for the benefit of its members. The 12-strong board of trustee directors of USS include employer, employee and independent representatives, acting impartially to protect the rights and interests of members. They are supported by a professional executive and external pension and investment advisers. Benefits vary depending on factors such as age, but include, subject to USS’s discretion: 1. Retirement pension: A tax-free lump sum and an index-linked pension for the rest of your life. On your death, during retirement, there would continue to be an index-li
