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When you become a member of USS you automatically join the USS Retirement Income Builder.
In this type of defined benefit pension scheme your benefits are based on each year’s salary throughout the period of membership.
Following the most recent changes, as a member you will accrue a pension of 1/75 of your salary and a cash lump sum of 3/75 of your salary for each year of service. At the end of each year, your benefits for that year are calculated and added to previous years. This is then revalued every year in line with inflation (subject to certain caps). However, there is a salary cap on this arrangement of £70,308 per annum (from 01/04/2024 – subject to confirmation then assessed on an annual basis) – for those affected by this there is further information in the USS Investment Builder section below.
You will also gain access to the USS Investment Builder, the new defined contribution section of the scheme (further details below).