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

If you wish for USS to pay the tax charge, please complete a Scheme Pays form. You will need to notify the trustee by 15 December prior to your self-assessment deadline (or retirement if earlier) if you wish to avoid any penalties of interest accruing. By completing the Scheme Pays form, this is your notification to the trustee. Previously this deadline was 31 July following submission of the self-assessment but has been changed – this is explained further in our Scheme Pays factsheet. The factsheet should be read in conjunction with the form, both can be found on our website www.uss.co.uk

If you do not have sufficient funds, or any funds in your USS Investment Builder to cover your AA tax charge, you can use this modeller to show an estimate of how much your USS 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 USS Retirement Income Builder if there are insufficient funds in your USS Investment Builder account.

Financial advice
The trustee recognises that 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. You can find an IFA through the following website: www.unbiased.co.uk. Please be aware that you may be charged a fee for any advice you receive.

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 USS retirement income builder benefits. Alternatively, for a more accurate estimate, you can enter the amount that your tax charge exceeds your USS Investment Builder funds by.