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The USS scheme
When you become a member of USS you automatically join the USS Retirement Income Builder. In this type of defined benefit pension scheme your benefits are based on each year’s salary throughout the period of membership.
As a member you will accrue a pension of 1/75 of your salary and a cash lump sum of 3/75 of your salary for each year of service. At the end of each year, your benefits for that year are calculated and added to previous years. This is then revalued every year in line with standard pension increases.
You will also gain access to the USS Investment Builder, the new defined contribution section of the scheme.
There is a good pension scheme that i have just signed up to.