USS launches hybrid structure, appoints Palmer as trustee

first_imgProfessor Sir David Eastwood, chair of the USS trustee board, expressed his gratitude to McDonnell for his service and welcomed Palmer to the board.“[He] has had a long career in the higher education sector, he is an experienced pension scheme trustee and understands the importance of USS as part of a good-quality employee benefits offer,” he said.Palmer’s appointment coincides with the first part of USS’s move to a hybrid scheme, which comprises a career-average DB section and a DC section.It used to be a final salary defined benefit scheme, with the reform thereof proceeding after trade unions backed a negotiated settlement with employers, and members in January last year voted on the changes.USS introduced its “career revalued benefit” (CRB) section on 1 April, known as the USS Retirement Income Builder.From 1 October, it will roll out a new defined contribution section, which it has called the USS Investment Builder. This section is for contributions paid on pensionable salary above £55,000, the threshold for the CRB pension. The UK’s £49bn (€62bn) Universities Superannuation Scheme (USS) has inaugurated its hybrid structure with the launch of its career revalued benefits section, a move it announced in connection with a trustee appointment.Professor Stuart Palmer, chair of council at Cardiff University, has joined the USS trustee board, effective from 1 April 2016.He was appointed to the board by Universities UK and replaces David McDonnell, who stepped down at the end of his term on 31 March.McDonnell had been a member of the trustee board since 2007, serving on several committees.last_img

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