If you exceed the annual allowance, you may incur an annual allowance tax charge. You may elect for USS to pay the tax charge on your behalf in exchange for a reduction to your benefits.
To elect for the scheme to pay the tax charge, please fill out your details in the modeller below. You will need to notify USS by 31 July following the tax year in question, or retirement if earlier, of the tax charge to be paid on your behalf. The modeller will pre-populate a form which you can then print off and send to us.
The modeller will also show an estimate of how much your USS Retirement Income Builder benefits may be reduced by should you elect for USS to pay your tax charge. However, please note that any deduction made 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.
To start, please enter your details below.
Please note that the website calculation modeller is intended as a general guide only. It should not be used for financial planning for retirement purposes. If you would like specific guidance, please speak to the pension contact at your institution.
This modeller is not appropriate if you are due to have a deduction made from your benefits. Any deductions applicable to you will be detailed on your provisional retirement quotation. Please refer to USS in these circumstances
This modeller is intended for illustrative purposes only. For confirmation of your final benefits, please contact USS.