We have received the following information about changes to the USS scheme and the implications for AVCs:
Added Years AVC.
Members with these contracts will be able to continue their contracts and finish purchasing the service they have contracted to purchase. You will need to bear in mind that the service will be added to that they have earned and will at the change be tied to the final average salary at 31st March 2016 and this will only be revalued in line with CPI (caps) going forward.
Members with these contracts may wish to terminate the contracts particularly if they are a long way from retirement. UCU would advise members in this situation to take financial independent advise.
No new added years AVC contract will be allowed after April 2016.
Money Purchase AVC.
Members with money purchase AVC’s at this time are able at the point of retirement to use the fund to purchase service in USS. After April 2016 this right will cease. So the fund that you have accrued with that right will remain and the new monies into the fund will not be allowed this option.
Future money purchase AVC’s will not have this right.”