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.
We will identify a proposed approach to methodology for wider discussion.
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.
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.
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.
We inform the JNC of the overall contribution rate needed.
This is when the JNC would have been due, per the Scheme Rules, to decide how to address the contribution rate. We agreed to its request for an extension to August 2021.
30 June 2021
This is the statutory deadline for filing the valuation with TPR.
This is when the JNC has said it will conclude negotiations over how to address the contribution rate.
This is when contributions are scheduled to increase under the 2018 valuation.
October 2021 – January 2022
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.