As the Trustee of USS, we must regularly carry out a valuation of the Scheme's funding. A valuation establishes whether, at a certain date, we believe the Scheme will have enough money for us to be able to pay the pensions that our members are expecting, now and long into the future.
If the valuation shows that the Scheme might not have enough money, for example because the investments your contributions fund have become more expensive, we must put a plan in place to improve its funding.
By law, we need to take a prudent approach to assessing how much money we will need - and this will be reflected in our conclusions.
Our valuation for 2020 will be based on a 'snapshot' of the Scheme on 31 March 2020. However, the process itself will run well into 2021. By law, we must complete it within 15 months - so by 30 June 2021. There are a number of milestones we need to reach on the way, set out in this timeline.
We'll keep this page up to date with the headlines and a summary of what's happening with the valuation. We'll add more detailed information as we work through the process. We'll also add a section of frequently asked questions. For now, if you have any questions, please contact us.