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Durham University

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    Lectures and Seminars

Important Pension Information Sessions for USS Members

(16 August 2019)

We have invited Mercer, specialists in HE sector pensions, to deliver information sessions on Wednesday 11 and Thursday 26 September on two important aspects of pension planning:
• an update on the latest developments in the USS Valuation and what this may mean to members.
• an information session for higher earners (c£65K plus) on Pensions Taxation Allowances.

These sessions are open to all current and prospective USS members. If you wish to attend please use the online training booking system

 

If you wish to attend either or both of the sessions below, please use the online training booking system, spaces are first come first served based on room capacity. If you have any questions, please contact: reward.team@durham.ac.uk

Latest Developments in the USS Valuation Process

11 & 26 September, 9:30-11:00 and 14:00-15:30 on both days

The purpose of this session is to help members of the USS pension scheme understand the current valuation position for USS:

• Overview of USS benefits

• The situation (2017 valuation, discussions, parties involved)

• Joint Expert Panel - phase 1 contribution changes following the 2017 valuation

• 2018 Valuation

• Joint Expert Panel - phase 2

• What happens next?

 

Information for Higher Earners: Pensions Taxation Allowances

11 & 26 September, 11:30-13:00 on both days

The purpose of this session is to explain the impact of the 2016 changes to the pensions taxation allowances: the Annual Allowance and the Lifetime Allowance.

For the 2019/20 tax year, the Annual Allowance may impact on anyone with taxable earnings (from all sources - not just University salary) in excess of £110k.

The Lifetime Allowance for 2019-20 is £1.055m. If you have an expectation of an annual pension income in excess of around £40,000 or over from all of the pension schemes you have membership of (excluding the State Pension), this session will make you aware of how the value of your pension benefits is calculated for LTA purposes.

The items covered will be:

• Brief introduction to the types of pension schemes

• Introduction to pensions tax: What is the Annual Allowance and the Lifetime Allowance?

• Worked examples on effect of Annual Allowance and Lifetime Allowance

• Ways to mitigate the impact of pensions taxation

• Key dates and deadlines

Have something to include?

Please liaise with the designated contact for your department or college. For further guidance, email dialogue@durham.ac.uk

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