University of Sussex Pension Savings Scheme
Find out about the University of Sussex Pension Savings Scheme (USPSS) and who it is for.
About the pension scheme
The USPSS is the current pension scheme for professional services staff on grades 1-6.
It is provided by Aegon.
USPSS overview
USPSS is a defined contribution pension scheme offering you a tax-efficient way to save for your retirement, the current scheme provider is Aegon, and the product offered is Retiready in the workplace. Aegon were chosen to operate the Scheme as they offered competitive terms, good financial strength, a wide selection of investment funds and a high level of service.
The Scheme is a flexible way for you to save for your retirement, and you contribute to your individual policy, within the Scheme and then when you retire the funds that have built up will provide you with an income.
One of the greatest benefits of this Scheme is the commitment of the University of Sussex (‘the University’) to contribute to your individual policy within the Scheme. These contributions along with your own personal contributions can help you achieve a significantly better income at retirement.
The pension you receive when you retire will depend upon:
- the amount of money paid into your individual policy
- the investment of the money within your individual policy
- the terms for buying a pension when you decide to retire
- the annual management charge deducted from your individual policy
- New Joiners & Auto-enrolment
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All employers must offer a workplace pension scheme. A pension helps staff save an income for their retirement.
As the University of Sussex all eligible staff are automatically enrolled (and those that don’t meet the eligibility are invited to join), into the USPSS.
The current eligibility criteria for joining USPSS as a UK resident is:
- usually work in the UK
- are between age 22 and the state pension. (Just click on this link for more information on your state pension https://www.gov.uk/state-pension-age).
- earn more than £10,000 a year or the weekly and monthly ‘earnings thresholds’
- don’t already have a suitable workplace pension.
The earnings thresholds for auto-enrolment in the 2025/26 tax year are:
- £192 a week
- £833 a month
- £10,000 a year.
If you earn more than the threshold, the University will automatically set up a workplace pension for you. You will not have to complete any forms.For USPSS members you can find out more by clicking on this link - Auto enrolment do I have a choice? | Customer | Aegon
- Changing your pension Contribution
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You will automatically be enrolled into the Scheme paying 4% of your monthly notional pay and the University will also contribute 8% of your monthly notional pay. Upon becoming a member of the Scheme, you have the option to amend your contribution in accordance with the table below:
Your contribution
University contribution
Total contribution
3%
6%
9%
4%
8%
12%
5%
10%
15%
6% or more
12%
18%
Please note that you can choose to contribute more than 6% if you wish, but the maximum University contribution is 12%.Subject to any terms in your contract of employment to the contrary, the University reserves the right to vary the rate of contribution in the future. Any employer contributions payable will cease should you leave the University.
If you wish to change your contribution in future, you can do so by logging into MYHR and navigating to the Benefits page.
- USPSS Scheme Information on the MYLO app & retiready portal
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Aegon are now offering members of USPSS access to a new app called Mylo (my longer life). Mylo enables staff to track their pension savings pot, look at the performance of their investment funds, manage beneficiaries, planning for retirement, and lots more. You can access the app by scanning their QR code
You can also register for your online Aegon Retiready Customer Account which provides you with access to your dashboard and summary where you will have sight of the total value of your pension savings, along with any return on your investments. The dashboard has links to informative online documents, latest status updates, information on the investments Aegon offers and the ability to view and manage your investments and much more. You can find out more by clicking on this link Retiready in the workplace | Customer | Aegon
- Group Income Protection provided by the University of Sussex for USPSS scheme members only
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In addition to the USPSS pension scheme, the University also provides all USPSS scheme members, with Income Protection benefits this is provided and paid for separately by the University under a Group Income Protection policy. The current income protection policy is provided by Legal & General.
- Group Life Assurance provided by the University of Sussex for USPAS & USPSS scheme members only
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In addition to the USPSS pension scheme, the University also provides all USPSS members, with Life Assurance benefits under the Sussex Group Life Assurance Scheme, which is a separate arrangement established under Trust.
This is provided and paid for separately by the University under a life assurance policy. The current life assurance policy is provided by Metlife.
- Aegon Annual benefit statement
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Each year you will receive an annual benefit statement; you can also view your statement securely on your online document library via your Retiready account.
Forms
- USPSS (Aegon) Beneficiary Nomination Form pension scheme members only
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A beneficiary nomination lets Aegon know who you would like to receive any pension benefits that may be payable if you die.
We recommend reviewing and updating your nomination whenever your circumstances change to make sure your wishes are up to date.
You can complete or update a Death Benefit Nomination Form through the Aegon Retiready website:
- Expression of Wish form - Group Life Assurance form for USPAS and USPSS pension scheme members only
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An Expression of Wish Form lets you tell the Trustees who you would like to receive any life assurance payment if you die.
Although the Trustees make the final decision, your nomination helps them understand your wishes.
You can request an Expression of Wish form, from the Pensions team – pensions@sussex.ac.uk and then please return the completed form to the Pensions Team where it will be kept securely.
We recommend reviewing and updating your nomination whenever your circumstances change.
FAQs & helpful links
- Can I transfer other pension savings and benefits into the Scheme?
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Yes, if you have moved employment or moved employment in the past and built-up savings pots with different pension providers, you may be able to bring them together and make them more manageable. By doing so you would have one provider or scheme administrator, you would go to one place for information, and you would receive one set of paperwork. There are other consideration as well and you can find out more about these by visiting the Aegon website, just click on this link Guide to transfers | Customer | Aegon
We recommend you seek financial advice to aid any decision that you make. The Money and Pensions Service website provides lots of information which you may find helpful. See link below.
Please note that you are unable to transfer your pension to someone else.
- Pension Workshops
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The University supported by Affinity Connect also offers some helpful workshops on planning for retirement, these are available throughout the year. The workshop explores the change to lifestyle that come with retirement, income needs, the state pension inflation and USPSS. The workshop also covers other topics such as Inheritance tax and estate planning.
To find out more about the workshop visit the University online learning – Learn Upon, just click on this link - Online learning : Learning and Development : Schools and services : University of Sussex
- Helpful Pension Links
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Pension Geeks | Customer | Aegon
Pensions and retirement | Help with pensions and retirement | MoneyHelper
- Investment Choices
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If you do not choose how to invest your pension savings, your money will automatically be invested in the scheme's default fund. This option is designed to manage your investments for you throughout your career and up to retirement.
If you would prefer more control, you can choose from a range of other investment funds. The right option will depend on your personal circumstances, including how comfortable you are making investment decisions, your retirement goals, and the level of investment risk you are willing to take. Aegon offers three ways to help you choose:
- Do it for me – Aegon manages your investments for you.
- Guide me – Aegon provides support and guidance to help you choose.
- Leave it with me – You make your own investment decisions and manage your investments yourself.
For more information about your investment options, visit the Aegon member website.
Contact Information
USPSS (Aegon)
Telephone number: 03456081680
Opening times:
Monday – Friday 8.30am – 5.30pm
Saturday closed
Sunday closed
There is also the Webchat function available via the website – just click on the link below for more information Get in touch | Customer | Aegon