USS pension consultation update

Posted by rmt22 at Sep 05, 2018 09:00 AM |
By now, members of the USS scheme should have received an invitation to participate in a consultation on changes to USS contributions.

All the information you need should be included in the Employer Consultation letter you have received and is also available on the USS websitePlease note that there are two entirely separate processes running in parallel:

1. The current consultation outlines the impact to both USS members and the University of contribution increases as a result of the cost sharing process based on the 2017 valuation. This is in response to the USS Trustees demonstrating to the Pensions Regulator that USS:

  • Has sufficient funds to pay the pensions promised
  • It has a deficit recovery plan to achieve this
  • It is continuing to make progress towards completing the valuation

More information is available here.

2. UUK and UCU separately agreed to set up a Joint Expert Panel (JEP) to assess the 2017 valuation.

  • The JEP expects to deliver its report on the 2017 valuation to UUK and UCU during September 2018, and it will inform JNC discussions which are expected to follow shortly after.
  • Based on the JEP’s findings, the JNC may propose changes to benefits and/or contributions which, subject to due diligence by the trustee, would then be subject to a further consultation by employers.

More information is available here.

We will update you as and when we have further information on either process.

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