USS Early Retirement Factors

Members will be aware that if they access their pension before Normal Pension Age (NPA), their pension benefits will be reduced by a percentage to reflect early release of pension entitlement. And the size of this reduction is dependent on how many years you are away from NPA. You can get further information here.

These Scheme Factors are not permanently fixed and can change following a referral from USS Scheme Actuary to USS Trustee Board. USS intended to change the Early Retirement Factors on 1 April 2024 but UCU negotiated a delay to this change until 1 October 2024. We continue to engage USS on this issue.

Our advice to members considering possible early retirement in the next two years is that it may be beneficial to investigate now how these changes might impact on your future pension. It is important to note that we are not recommending members take Early Retirement before 1 October 2024--we are just advising that this might be something you may wish to consider. Remaining in work and contributing to your USS pension may still be your best option.

Members considering early retirement are advised to:

• click here and consider how these changes might impact on future pension benefits
• access the Benefit Calculator in the MyUSS section to test how these changes may affect your future pension
• if you consider early retirement as an option, speak with your family and your employer quickly
• you also have the option of seeking financial advice from Quilter Financial who can assist and advise UCU members on financial matters including early retirement
• engage USS about early retirement process. 

Remember that Early Retirement may not be the best option for you and so you really need to quickly get the numbers, get advice, engage your employer and speak to USS if you feel you want to apply for Early Retirement. Please also note that most employers need three months' notice of early retirement and so decisions may have to be agreed before end of this month to meet the 1 October 2024 deadline.

You can get advice from local UCU representatives/officials, SWG committee member or by emailing UCU's pensions mailbox. I hope you find this information helpful. 

With best wishes

Dooley Harte
UCU pensions official (USS)