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2020 valuation timeline

An outline of the timetable for completing the 2020 valuation

Although the timetable outlined below is likely to evolve as we move through the process, the valuation as a whole must be completed by the legal of deadline of 30 June 2021.

December 2019 - February 2020

We will start to engage with UUK, UCU and tPR on methodology.

February 2020

We will identify a proposed approach to methodology for wider discussion.

March 2020

We will publish a formal discussion document to seek employers’ views on our proposed approach and their ability and willingness to back the potential costs of the pensions being promised – keeping the JNC and other key stakeholders informed throughout.

May 2020

Informed by discussions to this point, the Trustee Board will agree the financial and demographic assumptions and methodology it proposes to formally consult on for the valuation.

September 2020

We will consult UUK over eight weeks on these proposals to finalise our view of the scheme’s funding position and identify the overall contribution rate we need; we will support UUK in its engagement with employers as required, and will also engage with the JNC, UCU, members and TPR.

December 2020

We will inform the JNC of the overall contribution rate needed.

March 2021

This is when the JNC needs to have decided how to address the contribution rate.

March 2021 – May 2021

If the JNC decides to make any changes, or cannot reach a decision, this is when employers might need to prepare for a consultation with affected employees.

30 June 2021

This is the statutory deadline for filing the valuation with TPR.

October 2021

This is when contributions are scheduled to increase under the 2018 valuation.

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