If you’ve earned above the salary threshold, transferred money into USS from another pension scheme since October 2016 and/or made additional contributions since October 2016 (including the match), you’ll probably have built up USS Investment Builder savings, to be used later in life.
The USS Investment Builder is the defined contribution section of the scheme. It is a flexible way to save for the future, allowing you to invest in one or more of the 10 ‘Let Me Do It’ funds, or you can choose either the Default Lifestyle or Ethical Lifestyle options and USS will manage your investments. If you don’t make an investment choice, you’ll automatically be invested in the Default Lifestyle Option.
There are various ways in which you can take your savings from the USS Investment Builder, including as a tax-free lump sum, transferring out to another provider to access a drawdown product or buying an annuity, which will provide a guaranteed income for life.