USS offers free guidance but cannot give financial advice, so USS pension advice means a paid FCA-regulated adviser, which the law requires for some transfers.
Help with a USS pension comes in layers: what USS provides, free government guidance, and paid advice from a regulated adviser. Which layer you need depends on the decision. USS choices can be hard to undo, which is why this page's form offers a free callback with an FCA-authorised adviser. The sections below show what to try first and where advice becomes a legal requirement.
What help does USS give its own members?
USS draws a clear line between two things. It says guidance "is not financial advice and will not give you any recommendations to take a specific course of action, but it will help to give you a better idea of where you are now and the steps you might take to get to where you want to be." Advice, by contrast, is tailored to you personally. USS offers the first kind itself and signposts the second.
Inside My USS, the online account, you can use a Benefit Calculator that gives "an instant estimate of what you could get in the future", plus a Contributions and Tax Calculator for estimating what you pay in and the tax you save. The calculators need a My USS login. The same account shows what you have built up so far. For how service and salary turn into a final figure, see how much USS pension you will get.
USS also signposts free guidance webinars provided by Marsh (formerly Mercer). Titles include "Tax and your pension", "Decisions after leaving USS" and "Approaching retirement", with others for new joiners and for the Investment Builder. USS stresses that the webinars give guidance only and cannot cover your own circumstances. If you have already left and are thinking about retiring, USS lists its Member Service Team on 0333 300 1043. Your employer may also offer extra guidance.
Can I get financial advice through USS?
Not directly: on its transfers page USS states "We're unable to give you financial advice." What it does is point members to Marsh, whose advice service is, in USS's words, "a separate service to the guidance webinars". USS says it is only facilitating access and is not recommending any course of action, it is not responsible for the advice given, there is no obligation to use Marsh, and you are free to choose another adviser.
Whoever you pick, USS says the firm should be regulated by the Financial Conduct Authority, that you should shop around because advisers differ, and that the costs should be made clear before you receive any advice. A financial adviser charges a fee, which they can tell you directly. For typical charges see what pension advice costs, and for finding someone near you see how to find a pension adviser. Overseas moves are a special case, because USS says transferring a pension overseas needs specialist advice.
Pension Wise, the Investment Builder and the stronger nudge
Partly. Pension Wise is a free, impartial service backed by government, and MoneyHelper says its appointments deal with drawing money from a defined contribution pension. USS describes it as guidance "about your defined contribution options", and the stronger nudge below applies to Investment Builder savings, so at USS it is the savings pot that Pension Wise is aimed at. Eligibility starts at 50 for most people, with exceptions for younger ones in certain situations, and the pot's size does not matter. For the basics see what Pension Wise is.
For USS members there is a legal step attached. Subject to certain exemptions, if you apply to access or transfer your Investment Builder or MPAVC savings, USS says it is "required by law to direct you to Pension Wise guidance" (the stronger nudge). It cannot go ahead with your application until you confirm that you have had the guidance or opted out of it. Do I have to use Pension Wise? sets out how opting out works.
Not eligible for Pension Wise? MoneyHelper says it can still help, and its pension specialists can be reached on 0800 011 3797, between 9am and 5pm on weekdays. The free options are compared in free pension advice and guidance.
Matching a USS decision to the help it needs
| What you want to know | Where to start |
|---|---|
| What my USS pension might be worth | My USS Benefit Calculator, then your retirement quote |
| How tax works when I take it | The USS tax webinar, or a regulated adviser for your own tax position |
| What I can do with my Investment Builder pot | Pension Wise, which USS must point you to before it processes an application |
| Whether to retire early or later | USS's retirement quote and webinars; when you can take your USS pension has the ages |
| Whether to move the guaranteed part elsewhere | A regulated adviser, which the law requires for a move to a DC scheme when the transfer value is over £30,000 |
USS itself recommends guidance, or independent financial advice, before decisions about your savings. The wider questions of whether the scheme suits you are in is the USS pension good.
When does the law require advice on a USS pension?
The legal trigger is a transfer, not a retirement. The regulations behind the rule exempt a scheme from the advice check "if the transfer value of the member's or survivor's subsisting rights in respect of safeguarded benefits under the pension scheme is £30,000 or less on the valuation date." Above that figure, the check applies.
USS applies this to the Retirement Income Builder, its defined benefit part: "If your Retirement Income Builder (defined benefit) transfer value is more than £30,000 and you're seeking to transfer your benefits to a defined contribution (DC) scheme, you're required by law to take advice from a regulated financial adviser." The test looks at the value of the guaranteed benefits, not at your Investment Builder pot. The law requires advice from a Financial Conduct Authority adviser, and USS checks that the adviser is FCA registered before it releases the money. If your transfer value is anywhere near £30,000, an FCA-authorised adviser can explain on a free callback whether the legal requirement catches you and what it means; ask through this page's form.
Needing advice is not the same as being told to transfer. The FCA says it and The Pensions Regulator "believe it's in most people's best interests to keep their DB pension." What a transfer involves for USS members is covered in transferring a USS pension, and the general rule is in when advice is required before a transfer. USS warns that scammers target people who are making changes to their pensions: how pension scams work lists the warning signs.
USS pension adviser questions
Does USS have its own pension adviser?
No. USS gives guidance and says it cannot give financial advice. It signposts a separate advice service run by Marsh, and members are free to use any other FCA-regulated adviser.
What does USS pension guidance cost?
The My USS calculators, the guidance webinars and Pension Wise are free. Advice from a financial adviser is paid for, and USS says the costs should be made clear before you receive any advice.
Must I see Pension Wise before taking my Investment Builder savings?
Unless an exemption applies, USS must direct you to Pension Wise, and it cannot proceed with an application until you say you have had guidance or have opted out.
What should I check before I pick an adviser?
Check that the firm is regulated by the FCA, compare more than one adviser, and ask about costs up front. USS also says you will need a separate agreement with whichever adviser you choose.
Who can I phone for help with my USS pension?
If you are still paying in, your employer is the first contact before retiring. If you are no longer paying in, USS lists its Member Service Team on 0333 300 1043, and MoneyHelper's free pension specialists are on 0800 011 3797.
What to have from My USS before you talk to anyone
Have your latest My USS summary to hand, and your retirement quote or transfer value if you have one. The contact form here asks for a postcode, age band, name, phone and email; your USS figures are talked through by phone, not typed in. Whatever you decide, the calculators and webinars are free to run alongside an adviser, so there is no reason to pick one route only.