Important notes – please read before using the modeller

If you exceed the Annual Allowance (AA), you may incur an AA tax charge. You can choose for USS to pay the tax charge on your behalf in exchange for a reduction to your benefits.

Any deduction from your benefits will be taken from your Investment Builder savings in the first instance (where applicable). The deduction will only apply to your Retirement Income Builder benefits if you do not have sufficient funds in your Investment Builder pot to cover the tax charge in full.

If you wish for USS to pay the tax charge, please complete a Scheme Pays form. The Scheme Pays page should be read in conjunction with the form, both can be found on our website uss.co.uk.

If you do not have sufficient funds, or any funds in your Investment Builder pot to cover your AA tax charge, you can use this modeller to show an estimate of how much your Retirement Income Builder benefits may be reduced by, should you choose for USS to pay your tax charge. In practice, a deduction will only be made from your Retirement Income Builder benefits if there are insufficient funds in your Investment Builder pot.

Please note that the factors used in this modeller provide an illustration only of what your Retirement Income Builder benefits may be reduced by, in situations where your AA tax charge exceeds your Investment Builder pot. The actual factors to be used in such calculations undertaken in the scheme year 2023/24 are yet to be determined. This is due to the proposed scheme changes which are subject to the outcome of the 2023 valuation process and consultations. The actual factors to be used are expected to be available later in the year.

Financial advice
You may wish to seek financial advice on your options. If you need advice on tax matters, we recommend you contact a tax or financial adviser. Visit the Guidance and financial advice page on uss.co.uk for a range of resources to support you, along with information on sources of free, impartial guidance and how to find a regulated financial adviser.

Your details

Please enter your tax charge details below. You can enter the full amount of your tax charge in order to see the estimated maximum deduction to your Retirement Income Builder benefits. Alternatively, for a more accurate estimate, you can enter the amount that your tax charge exceeds your Investment Builder savings by.