USS provides comprehensive information about pensions tax on their website.

Annual allowance statements

Information about your annual allowance usage is now contained in your annual statement. Individuals requiring an annual allowance statement in any other circumstances should request one directly from USS using the "contact us" facility in the My USS member portal. You can read more about the annual allowance on the USS pages.

Managing a pensions tax liability

USS offers a number of flexibilities with the scheme to help members manage their tax liabilities. These include opting out of USS on an enhanced basis (preserving death and ill health cover but no other benefits), electing for a voluntary salary cap (where you reduce the level of your pensionable salary) and making a scheme pays election (where you ask USS to pay your annual allowance tax charge). There are deadlines that apply for making some of these elections; please see the USS website for details of these.

Advice

Pensions tax is a complicated area, and you may find that you require financial advice. USS provides lots of useful information about where and how you can obtain financial advice. The University's Pension Team is not able to provide you with any form of advice and cannot calculate your tax position for you.